Grayscale LINK Holdings exceeded 1.3 million, setting a new high, with a rise of over 4 times in the past two years.

Chainlink (LINK) continues to be affected by negative market sentiment in November. The selling pressure has caused its price to fall 50% from the peak of the previous quarter. However, Grayscale and several analysts still maintain a bullish outlook. The decline over the past three months has also brought LINK back to the most significant support level in the past two years.

Grayscale is one of the largest investment firms in the digital asset space, and recently released a highly optimistic research report on the LINK token. The report emphasizes the role of Chainlink as the infrastructure layer for decentralized finance (DeFi) and asset tokenization.

The report describes Chainlink as a middleware module that enables on-chain applications to securely use off-chain data and allows them to interact across blockchains, meeting enterprise-grade compliance requirements.

Grayscale's Research Director Zach Pandl pointed out that the current scale of tokenized assets is still very small, accounting for only about 0.01% of the total market capitalization of global stocks and bonds. Therefore, its growth potential is enormous.

“Currently, the scale of tokenized assets is very small, accounting for only about 0.01% of the total market value of global stocks and bonds. In the next decade, they will achieve tremendous growth. We believe that Chainlink is a key project for achieving tokenization,” said Zach Pandl.

Shortly after the report was released, Grayscale submitted an application for a LINK spot ETF to the U.S. Securities and Exchange Commission (SEC), with the trading code GLNK. According to Chainlink community liaison Zach Rynes, the application has recently been revised and is expected to go live on December 2, 2025.

At the same time, Bitwise's Chainlink ETF has been launched on the custody trust and settlement company (DTCC) platform, with the trading code CLNK.

In addition, according to data from CoinGlass, as of November 2025, Grayscale Investments holds more than 1.3 million LINK tokens. Over the past two years, its holdings have grown more than fourfold. This trend reflects Grayscale's increasing confidence in the long-term potential of Chainlink, especially during periods of lower prices, as the company continues to accumulate.