Nasdaq-listed Caliber initiated a Chainlink (LINK) treasury strategy, while Grayscale filed for a spot Chainlink ETF, leading to a 7% intraday price swing for LINK.

The Event in Detail

Nasdaq-listed real estate and digital asset manager Caliber has completed its initial purchase of Chainlink (LINK) tokens, marking the launch of its new Digital Asset Treasury (DAT) strategy. This makes Caliber the first Nasdaq-listed firm to adopt LINK for its corporate treasury. The acquisition, funded through existing cash reserves, an equity line of credit (ELOC), and equity-based securities, is a system test for a strategy aimed at building a significant LINK position through gradual acquisitions and generating yield from staking.

Concurrently, Grayscale Investments submitted a filing to the SEC on September 5, 2025, to convert its existing Chainlink Trust into a spot exchange-traded fund (ETF), to be listed on NYSE Arca under the proposed ticker GLNK. This follows a similar application by Bitwise Asset Management. Grayscale’s existing Chainlink Trust currently manages approximately $29 million in assets.

Following these developments, Chainlink’s native token, LINK, experienced a 7% intraday price swing on September 5, 2025, despite a 1.73% decline over 24 hours to trade at $22.13. The token has encountered challenges in maintaining upward momentum, hovering near an established support level of $22.13 with resistance at $23.18. Caliber’s stock (CWD) previously surged over 2,500% intraday to a peak of $56 following an August 28 announcement of its plans to adopt Chainlink as a treasury asset, settling at $7.60 by close.

Financial Mechanics and Strategic Intent

Caliber’s Digital Asset Treasury Strategy is designed for long-term appreciation coupled with staking yield. The firm views LINK as a "long-term reserve asset," citing Chainlink's role as a decentralized oracle network connecting blockchains with real-world assets. The strategy involves incremental token acquisition and oversight from a newly established Crypto Advisory Board to ensure security, custody, and regulatory compliance.

Grayscale’s proposed Chainlink ETF aims to offer investors exposure to LINK without requiring direct token custody. The Trust designates Coinbase Custody Trust Company as custodian, The Bank of New York Mellon as administrator and transfer agent, and Coinbase as prime broker. The annual sponsor fee is set at 2.5%, payable in LINK, with Grayscale covering most operating costs up to $600,000 per year. The Trust currently cannot stake LINK due to unfulfilled conditions.

Market Implications and Precedents

Caliber’s adoption of LINK for its corporate treasury sets a significant precedent, potentially encouraging other publicly traded companies to integrate digital assets into their balance sheets, thereby increasing institutional demand. This move directly exposes Caliber shareholders to LINK through the company’s stock. This strategy mirrors the MicroStrategy blueprint, which saw the firm gain over 3,000% over five years after adopting a Bitcoin treasury strategy. Corporate Bitcoin holdings reached 848,100 BTC by the first half of 2025, accounting for 4% of the total Bitcoin supply, indicating a notable trend in corporate finance.

Grayscale’s ETF filing, if approved, could open Chainlink to a broader range of institutional investors, further legitimizing the asset and potentially enhancing its liquidity and market capitalization. The regulatory environment has shown improvements following the conversion of Grayscale’s Bitcoin and Ethereum trusts into spot ETFs in early 2024. The SEC’s "Project Crypto," launched in July 2025, alongside a shortened 75-day review timeline, suggests a more streamlined approval process for digital asset products. Analysts project that an ETF approval could inject an estimated $2.25 billion in new capital into LINK markets, underscoring a broader bullish sentiment for institutional adoption within the digital asset space.