GLNK 10-K & 10-Q changes, risk factors and insider trading

Financial Highlights for the Three and Six Months Ended MarchJune 31,30, 2026 and 2025 (All amounts in the following table and the subsequent paragraphs, except Share, LINK and price of LINK amounts, are in thousands)

Net realized and unrealized loss on investment in LINK for the three months ended MarchJune 31,30, 2026 was ($24,368$16,765), which includes a realized loss of ($11$36) on the transfer of LINK to pay the Sponsor’s FeeFee, a realized loss of ($320) on the sale of LINK to meet redemptions, and net change in unrealized appreciation/depreciation on investment in LINK of ($24,357$16,409). Net realized and unrealized loss on investment in LINK for the period was driven by LINK price depreciation from $12.24 per LINK as of December 31, 2025, to $8.77 per LINK as of March 31, 2026, to $7.20 per LINK as of June 30, 2026. Net decrease in net assets resulting from operations was ($24,388$16,838) for the three months ended MarchJune 31,30, 2026, which consisted of the net realized and unrealized loss on investment in LINK, andplus the net investment loss of $20.$73. Net assets decreased to $73,062$72,222 at MarchJune 31,30, 2026, a 1% decrease for the three-month period. The decrease in net assets resulted from the aforementioned LINK price depreciationdepreciation, the redemption of approximately 62,077 LINK with a value of $491 from the Trust, and the withdrawal of approximately 2,2498,219 LINK to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 2,308,1301,765,589 LINK with a value of $23,634$16,489 to the Trust in connection with Share creations during the period.

Net realized and unrealized lossgain on investment in LINK for the three months ended MarchJune 31,30, 2025 was ($7,651),$145, which includes a realized loss of ($5$38) on the transfer of LINK to pay the Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in LINK of $183. Net realized and unrealized gain on investment in LINK for the period was driven by LINK price appreciation from $13.53 per LINK as of March 31, 2025, to $13.62 per LINK as of June 30, 2025. Net increase in net assets resulting from operations was $41 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in LINK, less the Sponsor’s Fee of $104. Net assets increased to $16,286 at June 30, 2025, a 3% increase for the three-month period. The increase in net assets resulted from the aforementioned LINK price appreciation and the contribution of approximately 29,121 LINK with a value of $360 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 7,437 LINK to pay the foregoing Sponsor’s Fee Net realized and unrealized loss on investment in LINK for the six months ended June 30, 2026 was ($7,646$41,133), which includes a realized loss of ($47) on the transfer of LINK to pay the Sponsor’s Fee, a realized loss of ($320) on the sale of LINK to meet redemptions, and net change in unrealized appreciation/depreciation on investment in LINK of ($40,766). Net realized and unrealized loss on investment in LINK for the period was driven by LINK price depreciation from $19.96$12.24 per LINK as of December 31, 2024,2025, to $13.53$7.20 per LINK as of MarchJune 31,30, 2025.2026. Net decrease in net assets resulting from operations was ($7,784$41,226) for the threesix months ended MarchJune 31,30, 2025,2026, which consisted of the net realized and unrealized loss on investment in LINK, plus the Sponsor’snet Feeinvestment loss of $133.$93. Net assets decreased to $15,885$72,222 at MarchJune 31,30, 2025,2026, a 29%2% decrease for the three-monthsix-month period. The decrease in net assets resulted from the aforementioned LINK price depreciationdepreciation, the redemption of approximately 62,077 LINK with a value of $491 from the Trust, and the withdrawal of approximately 7,13110,468 LINK to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 57,0984,073,719 LINK with a value of $1,232$40,123 to the Trust in connection with Share creations during the period.

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.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.

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 MarchJune 31,30, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE,Gate, Gemini, Hashkey,HashKey, Kraken, LMAX Digital, OKX and OKX.OSL. The Digital Asset Trading Platforms included in the Index as of MarchJune 31,30, 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.

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 EtherLINK are delivered or removed from the Trust for settlement.

The Trust’s performance prior to December 2, 2025 is based on market-determined prices on theOTC OTCQX marketplaceMarkets 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.

The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split effective March 18, 2022) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split effective March 18, 2022) from February 26, 2021 (the commencement of the Trust’s operations) to MarchJune 31,30, 2026. For more information on the determination of the Trust’s NAV, see “Item 1. Business—Overview of the Chainlink Industry and Market—LINK Value—The Index and the Index Price” in our Annual Report.

The following table illustrates the movements in the Index Price from AprilJuly 1, 2021 to MarchJune 31,30, 2026. The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of MarchJune 31,30, 2026, individually or as a group.

The following table illustrates the movements in the Digital Asset Market price of LINK, as reported on the Trust’s principal market, from AprilJuly 1, 2021 to MarchJune 31,30, 2026.

The following chart sets out the historical closing prices for the Shares as reported by OTCQXOTC Markets and the Trust’s NAV per Share from May 16, 2022 to December 1, 2025.

The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Trust’s NAV per Share from December 2, 2025 to MarchJune 31,30, 2026.

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 OTCQXOTC Markets divided by the Trust’s NAV per Share from May 16, 2022 to December 1, 2025.

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 NYSE Arca divided by the Trust’s NAV per Share from December 2, 2025 to MarchJune 31,30, 2026.