Grayscale Investments has filed fresh paperwork with the US Securities and Exchange Commission (SEC), seeking to convert its Chainlink Trust into an exchange-traded fund ETF).

The filing, submitted Sept. 5, would allow the $28.7 million vehicle to trade on NYSE Arca under the ticker GLNK once approved.

The company said the shift is designed to give investors regulated access to Chainlink’s price performance without the need to manage or secure the tokens directly.

Essentially, Grayscale aims to lower custody risks while offering exposure through traditional markets by using an ETF structure.

Before the ETF can launch, Grayscale must file a corresponding 19b-4 submission, a procedural step that requires SEC approval.

Grayscale’s Chainlink ETF structure

Grayscale stated that its proposed ETF could allow some of the tokens held in the trust to be staked.

In that scenario, the asset management firm said it would rely on third-party providers to keep tokens in custodian wallets.

The firm emphasized that the fund will use a cash-based creation and redemption model.

While the SEC has recently approved in-kind standards for other digital asset ETFs, Grayscale noted that it remains uncertain how quickly market participants will adapt.

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The company also indicated that NYSE Arca could eventually seek regulatory clearance to update its listing rules to accommodate in-kind transactions.

According to the filing, CSC Delaware Trust Company will serve as trustee, while The Bank of New York Mellon will act as both transfer agent and administrator. Continental Stock Transfer & Trust Company will function as the co-transfer agent, and Coinbase will provide prime brokerage and custody services.

Crypto ETFs

The application marks another attempt by Grayscale to broaden investor access to cryptocurrencies beyond Bitcoin and Ethereum.

Its current applications already cover multiple assets, including Solana and XRP, reflecting growing institutional interest in altcoins.

Market analysts argue that these applications reflect rising institutional interest in altcoins.

Nate Geraci, president of Nova Dius Wealth, pointed out that major exchanges are collaborating with the SEC on standard frameworks for spot crypto ETF listings.

He said such rules could be finalized by October, potentially clearing the way for multiple altcoin products to enter the market.

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Arca Chief Investment Officer Jeff Dorman said the digital investment company has sold all of its Circle shares following the stablecoin company’s recent listing on the New York Stock Exchange.

The update followed a scathing open letter published by Dorman on social media on June 5, criticizing Circle for giving the investment firm a “throwaway” allocation in Circle’s initial public offering (IPO).

According to Dorman, Arca submitted an order for $10 million in Circle shares in April 2025 and only received a $135,000 allocation despite being a long-time supporter and one of the earliest investors to submit a bid. The executive wrote in a now-deleted letter:

“We pinged you separately two months ago indicating our order, and you thanked us for the support. If you were going to f

us at the end, the least you could have done was tell us two months ago so we didn’t waste our analysts’ and ops teams’ time on a deal that you had no intention of allocating shares to us.”

“Arca is closing all of our accounts with Circle and will tell every single dealer we work with that we will no longer accept USDC,” Dorman continued.

Cointelegraph reached out to Circle for comment on the letter but hadn’t received a response by the time of publication.

Circle’s public listing is a significant development in the crypto industry as the issuer of the world’s second-largest stablecoin, Circle-USD (USDC), with a total market capitalization of over $61 billion, now has access to the world’s deepest capital market.

Related: BlackRock eyes 10% stake in Circle’s IPO — Report

Circle lists on the NYSE to trading frenzy

Circle began trading on the NYSE on June 5 under the ticker CRCL, following an IPO that raised $1.05 billion.

The company’s shares surged by 167% on its debut, closing out the trading day at $82.

The stock continued the rally on June 6 and is currently trading hands around $115 per share during intraday hours.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

]]> https://earlybirdsinvest.com/arca-unloads-circle-shares-after-scathing-ipo-letter/feed/ 0 40541 https://earlybirdsinvest.com/nyse-arca-submits-filing-to-list-truth-socials-spot-bitcoin-etf/ https://earlybirdsinvest.com/nyse-arca-submits-filing-to-list-truth-socials-spot-bitcoin-etf/#respond Wed, 04 Jun 2025 02:19:49 +0000 https://earlybirdsinvest.com/nyse-arca-submits-filing-to-list-truth-socials-spot-bitcoin-etf/

The world’s most recognized memecoin is set to come under the ETF umbrella, NYSE Arca has officially filed a 19b-4 request with the US Securities and Exchange Commission (SEC) seeking permission to list and trade the Bitwise Dogecoin ETF. If approved, the product would represent one of the first US-listed Dogecoin-focused exchange-traded funds, offering regulated access to a token that began as an internet parody but has evolved into a multibillion-dollar digital asset.

Dogecoin ETF Gets One Step Closer

On March 3, the New York Stock Exchange subsidiary submitted a formal proposal—known as a 19b-4—asking the SEC to consider rule changes that would allow for Bitwise’s ETF to be listed under NYSE Arca Rule 8.201-E, which governs Commodity-Based Trust Shares.

The filing states: “Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934, as amended (the ‘Act’ or ‘34 Act’) and Rule 19b-4 thereunder, NYSE Arca, Inc. (‘NYSE Arca’ or ‘Exchange’), proposes to list and trade shares of the Bitwise Dogecoin ETF (the ‘Trust’) under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares).”

Bitwise initially signaled its intentions in late January by filing an S-1 registration form with the SEC, outlining its plan to launch a Dogecoin ETF. Now, the 19b-4 filing is the next critical step in the regulatory process, enabling the SEC to begin a formal review period.

One of the standout elements of Bitwise’s proposal is the institutional infrastructure behind it. Coinbase Custody is poised to serve as the custodian for the fund’s DOGE holdings, safeguarding the cryptocurrency. Meanwhile, the Bank of New York Mellon (BNY Mellon) is expected to oversee cash custody, administration, and record-keeping, ensuring traditional financial mechanisms are in place.

The ETF is designed to use cash creations and redemptions, meaning investors would not be able to contribute or receive DOGE directly. According to the filing, the fund will track the price of Dogecoin using the CF Dogecoin-Dollar Settlement Price, a pricing benchmark that calculates a daily Net Asset Value (NAV) closely reflective of the token’s market value.

Bitwise is not alone in pursuing a Dogecoin ETF. Grayscale and Rex Shares have also submitted proposals for similar products. Notably, Grayscale’s DOGE ETF filing has already been acknowledged by the SEC, marking a significant milestone in the path toward possible approval. For Grayscale, the official “acknowledgement” triggers a formal countdown for the regulator to review and make decisions, placing a potential final decision window around mid-October.

As the SEC weighs these proposals, market observers have become increasingly optimistic that 2025 could see the approval of a Dogecoin ETF. According to prediction markets, odds have climbed substantially in recent weeks. Bloomberg analysts have also weighed in, indicating the chance of any Dogecoin ETF approval could be as high as 75%.

At press time, DOGE traded at $0.19.

Featured image created with DALL.E, chart from TradingView.com