Grayscale’s Chainlink Trust ETF ended the second quarter of 2026 with $72.2 million in net assets, according to a 10-Q filed with the U.S. Securities and Exchange Commission on Aug. 7. The filing covers the three months through June 30 and shows how closely the single-asset fund tracked Chainlink’s market decline during the period.

The ETF, which trades under the ticker GLNK, held 10,030,901.11 LINK at quarter-end as its only asset. That token count was unchanged from the previous quarter, but the dollar value of the holdings fell as LINK weakened, pulling the fund’s net asset value per share down to $6.38.

Quarterly filing reflects LINK price drop

Grayscale’s report ties the fund’s weaker quarter directly to the move in Chainlink’s price. The source article says LINK fell from $8.77 at the time of the prior quarterly filing to about $7.20 by the end of the latest reporting period, an 18% decline over three months.

The filing also marks LINK at $7.25 on June 30. Using that quarter-end pricing, Grayscale valued the trust’s holdings at $72.2 million at the principal-market close. Because GLNK holds only LINK, changes in the token’s price feed almost directly into the fund’s asset value.

Token count stayed flat as assets fell in dollar terms

The fund did not report a change in the number of tokens it held during the quarter. Its 10,030,901.11 LINK position remained intact through June 30, indicating that the drop in assets was not driven by a reduction in the underlying holdings.

Instead, the quarterly decline was reflected in valuation. Grayscale reported an unrealized loss of roughly $16.4 million on the position for the quarter. The source article notes that the fund’s share price metric, NAV per share, fell to $6.38 as the market value of LINK retreated.

Early growth has not extended into the latest quarter

GLNK had a stronger start earlier in its life as an ETF. According to the source article, the product drew $41 million in inflows on its first trading day and reached roughly $64 million in assets within 48 hours. By April, assets under management had risen to about $73 million.

The new quarter-end figure of $72.2 million leaves the fund near that April level rather than on a continued growth path. The source article says some analysts had projected a base-case range of $150 million to $300 million by mid-2026, with a more optimistic scenario of $400 million to $600 million. Based on the latest filing, those expectations have not materialized so far.

Fee rate unchanged after prior cut

One element that did not change in the second quarter was Grayscale’s sponsor fee. The annual rate remained 0.35%, the same level set when the trust converted to an ETF in December 2025. That conversion also reduced the fee from the 2.5% rate charged under the earlier private-trust structure for accredited investors.

The source article adds that Grayscale had waived part of the fee through early March 2026 during the transition. For the six months ended June 30, sponsor fees totaled about $136,000, a figure the report describes as consistent with the stated annual charge.

What the filing confirms next

The latest 10-Q mainly confirms that GLNK’s second-quarter results were driven by Chainlink’s market performance rather than a shift in the amount of LINK held by the fund. With no diversification beyond the token itself, the ETF’s results remained tightly linked to changes in LINK’s price.

For now, the next confirmed reference point is the fund’s subsequent regulatory reporting, which will show whether token holdings, net assets, or fee-related figures changed after June 30. The Aug. 7 filing establishes the quarter-end baseline at 10,030,901.11 LINK, $72.2 million in net assets, and a $6.38 NAV per share.

Source: news.bitcoin.com