GLNK vs THYP

GLNKBGrayscale Chainlink Trust Link

THYPA21Shares Hyperliquid ETF

In short

GLNK Grayscale's LINK vehicle began life as a 2021 private trust and became the first US spot Chainlink product to trade on an exchange. One job: hold LINK, let the share price follow it, no leverage and no derivatives.

THYP The first US spot ETF for HYPE, the token behind the Hyperliquid perpetuals exchange. It holds the coin directly, stakes a slice of it, and charges less than the typical spot-crypto fund.

Stated mandate

GLNK The Trust passively seeks to have its shares reflect the value of LINK held by the Trust, less expenses and liabilities. It does not seek returns beyond tracking LINK and does not use leverage or derivatives.

THYP The Trust seeks to track HYPE's performance through the FTSE Hyperliquid Index, net of expenses and liabilities, and may reflect staking rewards at the Sponsor's discretion.

Why people hold it

• GLNK One job, plainly stated: passively reflect the value of the LINK it holds, less expenses. No leverage, no derivatives, no side bets.
• The first US spot Chainlink product to reach an exchange, backed by a trust that has been reporting since its 2021 debut in private-placement form.decrypt.co
• LINK exposure arrives through a NYSE Arca ticker in an ordinary brokerage account: no wallet, no seed phrase, no crypto exchange login.globenewswire.com
• Sits in the upper half of its spot-crypto peer group, with liquidity that holds up for everyday retail-size trades.

• THYP First US-listed spot Hyperliquid ETF: HYPE exposure inside an ordinary brokerage account, with no wallet, no private keys and no crypto exchange login.21shares.com
• Staking is built into the wrapper. A portion of the trust's HYPE is staked on the network, and rewards are passed to shareholders in cash rather than kept inside the token.21shares.com
• The 0.30% sponsor fee sits below the 0.35% median for spot-crypto ETFs and under BHYP, which tracks the same FTSE Hyperliquid Index.
• Coins are held by Anchorage Digital Bank and BitGo Bank & Trust, federally chartered trust banks built for digital assets.21shares.com

Worth knowing

• GLNK One token, no cushion. Everything here rides on Chainlink's price, and crypto drawdowns tend to be deep and fast.
• It is a grantor trust, not a 1940 Act fund, so the regulations and protections that come with registered ETFs and mutual funds do not apply.globenewswire.com
• At 0.35% it is not the price leader: Bitwise's CLNK lists at 0.34% for the same token, and several spot-crypto rivals such as TSUI and TDOT sit at 0.30%.

• THYP One token, one protocol. Value moves with the price of HYPE, the native asset of a young derivatives exchange, so drawdowns can be deep and fast.decrypt.co
• Launched in 2026, so there is little history to judge it by, and how much of the HYPE gets staked is set at the sponsor's discretion.
• It is a grantor trust, not a registered investment company, so the shareholder protections that come with 1940 Act funds do not apply here.

Full GLNK profile⁠

Full THYP profile⁠