Table of Contents As filed with the Securities and Exchange Commission on January 29, 2026 Registration No. 333-291492 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Grayscale Investments, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 6221 39-2149041 (Primary Standard Industrial Classification Code Number) 290 Harbo ...

Core Insights - Bitwise Asset Management launched the Bitwise Chainlink ETF on NYSE Arca, marking it as the second LINK-based spot ETF in the U.S. [1] - Chainlink's current trading price is $14.25, the highest in the past month, with a nearly 5% increase in the last day [1]. - The ETF aims to provide investors with a new investment avenue in Chainlink's foundational blockchain infrastructure [2]. Fee Structure - The Bitwise Chainlink ETF (CLNK) will offer 0% fees for the first three months on the first $500 million in assets, similar to Grayscale's promotional fee waiver [2]. - After the promotional period, CLNK will charge a fee of 0.34%, slightly lower than Grayscale's 0.35% [3]. Market Context - Grayscale's LINK fund (GLNK) began trading as a spot ETF in December and has grown to $87 million in assets under management since its inception [3]. - LINK-based exchange-traded products have been available in European markets for several years, with notable listings such as the 21Shares Chainlink ETP in January 2022 and the Global X Chainlink ETP in March 2023 [4]. Chainlink Overview - Chainlink is a decentralized oracle network that connects blockchain smart contracts to real-world data, compatible with over 70 blockchain ecosystems, including Ethereum and Avalanche [5]. - As of 2025, more than 1,600 projects utilize Chainlink's technology [5]. Company Perspective - Bitwise CEO highlighted Chainlink's consistent execution and dominance in its category, suggesting significant growth potential ahead [6].

Core Insights - Chainlink's native token LINK experienced a 7% rally over 24 hours, outperforming the broader crypto market due to the launch of the first U.S.-listed spot Chainlink ETF [1][2]. Group 1: ETF Launch and Market Impact - The Grayscale Chainlink Trust ETF (GLNK) converted from a closed-end fund and traded on NYSE Arca, achieved $37 million in net inflows on its first day [2]. - The ETF launch signifies a milestone for institutional adoption of Chainlink, allowing traditional investors to gain direct exposure to LINK through brokerage accounts [2]. Group 2: Trading Activity and Performance - Trading volume for LINK surged by 183% above the 24-hour average, with a peak of 6.71 million tokens traded at 14:00 UTC, briefly reaching $14.63 before a pullback [3]. - Despite the pullback, LINK maintained an ascending trendline from a base of $13.35, logging consecutive higher lows and sustaining a bullish structure throughout the day [3]. Group 3: Comparative Performance - LINK outperformed most top-20 cryptocurrencies, driven by the ETF catalyst and a broader market rotation into tokens with clear utility narratives [4]. - The CoinDesk 5 Index rose by 3.3% on the same day, with LINK's gains exceeding this benchmark by over 4 percentage points [4]. Group 4: Technical Analysis - Key technical levels indicate support at $14.28 with psychological backing at $14.40, and resistance at $14.63 [7]. - A 183% volume surge at session highs suggests institutional participation and resistance testing [7]. - Consolidation between $14.395 and $14.445 could serve as a launchpad for a renewed breakout, with a near-term target at $14.63 if buyers maintain above $14.28 [7].

GRAYSCALE'S CHAINLINK TRUST ETF, GLINK, GOES LIVE FOR TRADING WITH ZERO FEES- @Grayscale Investments has officially launched the Grayscale Chainlink Trust ETF (Ticker: GLNK) on NYSE Arca, offering investors exposure to the decentralized oracle network that underpins tokenization and DeFi across public blockchains.- This move marks the first @Chainlink ETF available to U.S. investors, reflecting the growing mainstream adoption of digital asset infrastructure.Key Details:- The ETF provides access to LINK, the ...

Core Insights - Grayscale Investments has launched the Grayscale Chainlink Trust ETF (GLNK), which is now trading on NYSE Arca, providing investors access to the foundational infrastructure of tokenization and decentralized finance (DeFi) across public blockchains [1][4] Company Overview - Grayscale is the largest digital asset-focused investment platform globally, managing approximately $35 billion in assets as of September 30, 2025 [5][6] - The company aims to simplify digital asset investing and has a history of pioneering investment vehicles in the cryptocurrency space, including the first widely available Bitcoin and Ethereum products [5] Product Details - GLNK is an exchange-traded product that holds LINK, the cryptocurrency associated with Chainlink's decentralized oracle platform, but it is not a direct investment in LINK [2][5] - The product was initially launched as a private placement in February 2021 and began trading on OTC Markets in May 2022 [5] Industry Context - Chainlink is recognized as the most widely used decentralized oracle platform, securing tens of billions in value for various applications, including DeFi, NFTs, insurance, and gaming [3][4] - The platform facilitates cross-chain interoperability and connects legacy systems to blockchains, positioning itself as a critical component of the emerging Web3 ecosystem [3][4] Market Position - Chainlink's decentralized oracle network is setting the standard for verifiable data and cross-chain connectivity, essential for the growth of tokenization and DeFi [4] - As the demand for secure links to off-chain data and systems increases, Chainlink is positioned as a vital infrastructure provider in the tokenized economy [4]