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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Bullish, the crypto exchange backed by billionaire investor and PayPal co-founder Peter Thiel, is officially heading to Wall Street. In a bold move that underscores growing institutional confidence in digital assets, Bullish announced on Friday that it has publicly filed a registration statement on Form F-1 with the US Securities and Exchange Commission (SEC), signaling its intent to go public.

The IPO filing positions Bullish among a new wave of crypto-native companies seeking to bridge the gap between traditional finance and blockchain technology. While the offering’s price range and timeline remain undisclosed, investors and crypto enthusiasts alike are watching closely, as Bullish’s move may set the tone for other crypto firms considering entry into the public markets.

This public offering could become a pivotal moment for the industry, arriving at a time when market sentiment has recovered and lawmakers in the US are advancing crypto-focused legislation.

Major Wall Street Firms Back Bullish IPO

Bullish’s path to becoming a publicly traded company is gaining serious momentum, with some of Wall Street’s most prominent names supporting the offering. According to the IPO filing, J.P. Morgan and Jefferies are acting as the lead book-running managers for the proposed offering, highlighting institutional interest in the crypto-native exchange. Citigroup is also participating as a joint book-running manager, reinforcing the growing intersection between traditional finance and the digital asset space.

Additional book-running managers include Cantor, Deutsche Bank Securities, and Societe Generale, signaling a global appetite for exposure to crypto infrastructure companies. Meanwhile, Canaccord Genuity, Keefe, Bruyette & Woods (a Stifel Company), and Oppenheimer & Co. are listed as co-managers of the offering.

The IPO, once approved, will be conducted strictly through a prospectus. Interested investors will be able to access the preliminary prospectus, once available, via the SEC’s EDGAR system at www.sec.gov.

As outlined in the filing, Bullish has surpassed a significant milestone—reporting more than $1.25 trillion in total trading volume since its launch. This figure showcases not only the exchange’s operational scale but also its appeal to institutional traders and sophisticated investors. With heavyweight financial firms backing the offering and crypto momentum building, Bullish’s IPO could mark a turning point in the public market’s acceptance of digital asset platforms.

Total Crypto Market Cap Breaches $3.7 Trillion With Strong Weekly Momentum

The total crypto market cap has officially broken above $3.7 trillion, printing one of the strongest weekly candles since the start of 2024. The chart shows a clear continuation of the broader bullish structure, as the market decisively pushed through previous resistance near the $3.5 trillion level. This surge is accompanied by a noticeable increase in volume, indicating strong participation and confidence from buyers.

All major moving averages are now trending upward, with the 50-week moving average crossing well above the 100-week and 200-week lines, reinforcing the longer-term uptrend. Price remains significantly above the 50-week SMA at $2.88 trillion, showing the market’s current strength and distance from any immediate downside risk.

This breakout confirms a higher high, extending the bullish pattern that started after the 2022 bear market bottom. With bullish sentiment returning, many analysts are now watching the $4 trillion level as the next key psychological and technical target.

Featured image from Dall-E, chart from TradingView

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Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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June 4, 2025

Circle Internet Financial, the company behind the USDC stablecoin, has priced its initial public offering at $31 per share, raising $1.05b in one of the largest US listings this year.

The upsized deal, confirmed late Wednesday, will see Circle begin trading Thursday on the New York Stock Exchange under the ticker symbol CRCL.

The Boston-based firm, co-founded by CEO Jeremy Allaire in 2013, sold 34m shares in total, with 14.8m coming from the company and 19.2m from existing shareholders.

Demand was robust, with the offering reportedly more than 25 times oversubscribed by the time books closed on Tuesday. The pricing gives Circle a valuation of $6.9b based on listed shares, and around $8.1b fully diluted.

Circle Sees Strong Fundamentals as USDC Use Grows Across Payments and Trading

Circle’s debut comes as investor appetite for crypto-adjacent stocks shows renewed strength, following a year in which the company generated $1.68b in revenue and reserve income.

While net income fell to $156m from $268m the year before, the firm’s fundamentals remain strong, bolstered by the growing use of USDC in digital payments and crypto trading.

USDC is the second-largest stablecoin globally, with more than $61b in circulation as of May 29. It currently accounts for about 29% of the stablecoin market, according to CoinMarketCap.

Circle also issues a euro-backed stablecoin, EURC, and provides infrastructure and payment tools to businesses integrating digital currencies.

Circle Secures BlackRock, ARK Interest as IPO Marks Shift in Digital Asset Adoption

Major investors signaled confidence in the offering. ARK Invest showed interest in purchasing up to $150m in shares, while BlackRock is expected to acquire roughly 10% of the IPO allocation. BlackRock also manages the Circle Reserve Fund, a government money market fund holding 90% of USDC’s reserves, valued at $53.3b as of this week.

The offering marks a significant step in Circle’s long-awaited journey to the public markets. The firm previously abandoned a SPAC merger in 2022 that would have valued it at $9n. After confidentially refiling for a traditional IPO earlier this year, Circle has now succeeded in making one of the largest crypto-linked listings since Coinbase’s debut in 2021.

As regulatory clarity improves under President Donald Trump’s administration and institutional demand for digital assets accelerates, Circle’s IPO positions it at the intersection of crypto innovation and traditional finance. With Wall Street backing and a solid balance sheet, the firm enters the public markets under bright lights and high expectations.

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