Grayscale Chainlink Trust ETF

Previous wording

Financial Highlights for the Three Months Ended March 31, 2026 and 2025

Current wording

Financial Highlights for the Three and Six Months Ended June 30, 2026 and 2025

Previous wording

Net realized and unrealized loss on investment in LINK for the three months ended March 31, 2025 was ($7,651), which includes a realized loss of ($5) on the transfer of LINK to pay the Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in LINK of ($7,646). Net realized and unrealized loss on investment in LINK for the period was driven by LINK price depreciation from $19.96 per LINK as of December 31, 2024, to $13.53 per LINK as of March 31, 2025. Net decrease in net assets resulting from operations was ($7,784) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in LINK, plus the Sponsor’s Fee of $133. Net assets decreased to $15,885 at March 31, 2025, a 29% decrease for the three-month period. The decrease in net assets resulted from the aforementioned LINK price depreciation and the withdrawal of approximately 7,131 LINK to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 57,098 LINK with a value of $1,232 to the Trust in connection with Share creations during the period.

Current wording

Net realized and unrealized loss on investment in LINK for the six months ended June 30, 2025 was ($7,506), which includes a realized loss of ($43) on the transfer of LINK to pay the Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in LINK of ($7,463). Net realized and unrealized gain on investment in LINK for the period was driven by LINK price depreciation from $19.96 per LINK as of December 31, 2024, to $13.62 per LINK as of June 30, 2025. Net decrease in net assets resulting from operations was ($7,743) for the six months ended June 30, 2025, which consisted of the net realized and unrealized loss on investment in LINK, plus the Sponsor’s Fee of $237. Net assets decreased to $16,286 at June 30, 2025, a 27% decrease for the six-month period. The decrease in net assets resulted from the aforementioned LINK price depreciation and the withdrawal of approximately 14,568 LINK to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 86,219 LINK with a value of $1,592 to the Trust in connection with Share creations during the period.

Previous wording

The Trust only receives and holds cash in order to facilitate creations and redemptions pursuant to Cash Orders, and has not otherwise had or maintained a cash balance at any time since inception. When selling LINK in the Digital Asset Market to pay Additional Trust Expenses on behalf of the Trust, the Sponsor endeavors to sell the exact amount of LINK needed to pay expenses in order to minimize the Trust’s holdings of assets other than LINK. In addition, upon the consummation or deemed failure of a Cash Order to create or redeem Baskets, the Trust will promptly return any excess cash it continues to hold with respect to such Cash Order to the applicable counterparty. As a consequence, the Sponsor expects that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Furthermore, the Trust is not a party to any off-balance sheet arrangements.

Current wording

The Trust only receives and holds cash in order to facilitate creations and redemptions pursuant to Cash Orders, and has not otherwise had or maintained a cash balance at any time since the commencement of operations. When selling LINK in the Digital Asset Market to pay Additional Trust Expenses on behalf of the Trust, the Sponsor endeavors to sell the exact amount of LINK needed to pay expenses in order to minimize the Trust’s holdings of assets other than LINK. In addition, upon the consummation or deemed failure of a Cash Order to create or redeem Baskets, the Trust will promptly return any excess cash it continues to hold with respect to such Cash Order to the applicable counterparty. As a consequence, the Sponsor expects that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Furthermore, the Trust is not a party to any off-balance sheet arrangements.

Previous wording

The Trust’s NAV and NAV per Share are derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of March 31, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE, Gemini, Hashkey, Kraken, LMAX Digital, and OKX. The Digital Asset Trading Platforms included in the Index as of March 31, 2025 were Coinbase, Crypto.com, and Kraken. See “Item 1. Business—Overview of the Chainlink Industry and Market—LINK Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.

Current wording

The Trust’s NAV and NAV per Share are derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2026 were Binance, Bitstamp by Robinhood, Bybit, Crypto.com, Gate, Gemini, HashKey, Kraken, LMAX Digital, OKX and OSL. The Digital Asset Trading Platforms included in the Index as of June 30, 2025 were Coinbase, Crypto.com, and Kraken. See “Item 1. Business—Overview of the Chainlink Industry and Market—LINK Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.

Previous wording

The Trust reflects creations and redemptions and the LINK for proceeds receivable or payable with respect to such creations and redemptions, respectively, on the trade date, which is the business day an accepted creation or redemption order is placed by an Authorized Participant. Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and therefore the LINK for proceeds receivable or payable with respect to such creations and redemptions, respectively, are recorded as a receivable or payable until the Ether are delivered or removed from the Trust for settlement.

Current wording

The Trust reflects creations and redemptions and the LINK for proceeds receivable or payable with respect to such creations and redemptions, respectively, on the trade date, which is the business day an accepted creation or redemption order is placed by an Authorized Participant. Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and therefore the LINK for proceeds receivable or payable with respect to such creations and redemptions, respectively, are recorded as a receivable or payable until the LINK are delivered or removed from the Trust for settlement.

Previous wording

The Trust’s performance prior to December 2, 2025 is based on market-determined prices on the OTCQX marketplace and on the Trust’s performance without an ongoing share creation and redemption program. Prior to December 2, 2025, the Trust’s Shares traded at both premiums and discounts to the value of the Trust’s assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of December 2, 2025, the Trust established an ongoing share creation and redemption program and the Shares of the Trust were listed to NYSE Arca. Hence, the Trust’s performance for periods prior to December 2, 2025 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust’s performance for periods subsequent to December 2, 2025.

Current wording

The Trust’s performance prior to December 2, 2025 is based on market-determined prices on OTC Markets and on the Trust’s performance without an ongoing share creation and redemption program. Prior to December 2, 2025, the Trust’s Shares traded at both premiums and discounts to the value of the Trust’s assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of December 2, 2025, the Trust established an ongoing share creation and redemption program and the Shares of the Trust were listed to NYSE Arca. Hence, the Trust’s performance for periods prior to December 2, 2025 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust’s performance for periods subsequent to December 2, 2025.

Previous wording

The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTCQX divided by the Trust’s NAV per Share from May 16, 2022 to December 1, 2025.

Current wording

The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTC Markets divided by the Trust’s NAV per Share from May 16, 2022 to December 1, 2025.