Recent filings, product rebrands, and accumulation trends suggest Grayscale Investments is widening its exposure to tokens like Chainlink (LINK), Zcash (ZEC), Stellar Lumens (XLM), and Filecoin (FIL).
It points to the world’s largest digital asset manager, focusing on select altcoins beyond Bitcoin and Ethereum.
Does Grayscale’s Expanding Altcoin Strategy Signal Where Institutional Money Is Flowing Next?
Charts tracking Grayscale’s holdings show that accumulation often precedes rallies, raising questions about which assets could be poised for their next breakout.
LINK: ETF Momentum Meets On-Chain Strength
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Grayscale filed for a spot LINK ETF in the US in early September. The asset manager sought SEC approval to convert its existing Chainlink Trust into an exchange-traded fund listed on NYSE Arca under the ticker GLNK.
The filing also included a potential staking component, with Coinbase Custody acting as custodian.
This development comes as Chainlink has shown notable resilience, even during periods of broader market uncertainty such as the US government shutdown.
Analysts at More Crypto Online also point to how LINK has one of the “cleanest macro setups” among altcoins.
Meanwhile, the accumulation chart for LINK reflects steady buying pressure through 2024, with holdings rising before price strength caught up.
This alignment between Grayscale’s institutional products and market action suggests investors may already be in profit.
ZEC: Privacy Bet Returns to Spotlight
Zcash (ZEC), a privacy-focused coin derived from Bitcoin’s codebase, has also found renewed institutional interest.
Grayscale highlighted ZEC’s zk-SNARKs technology as critical for shielding transaction information amid growing financial surveillance. Its Zcash Trust remains open for accredited investors, feeding speculation about broader mainstream exposure.
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Following Grayscale’s posts, ZEC spiked over 110%, showing how institutional signals can act as catalysts.
“Grayscale added ZEC — instant pump 110%+. Now Privacy coins (Zero Knowledge) are heating up & moving in trend,” wrote GA Crypto.
According to data on Coinglass, Grayscale’s ZEC holdings rose from 320,000 to 380,000 between January and August 2025. In tandem, the ZEC price surged from $20 to $120 between August and October 2025, with holdings stable despite volatility.
Thor Torrens, former Special Assistant to POTUS and a member of the Zcash Advisory Panel, revived Grayscale’s 2018 thesis on ZEC. He noted that if just 10% of offshore wealth, projected at $32 trillion, flowed into Zcash, the asset could theoretically hit $62,893 per coin.
While such valuations remain highly speculative, recent on-chain data have supported bullish momentum.
Analysts at Alphractal highlight rising addresses holding over $10 million in ZEC. They also point to a positive Delta Growth Rate and an improving MVRV Z-Score, all signaling fresh speculative inflows.
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Meanwhile, community voices such as Eric Van Tassel point out that ZEC has consolidated in a nine-year wedge pattern, with comparisons drawn to XRP and XLM breakouts once similar long-term structures were resolved.
XLM: From Trust to ETF
Stellar Lumens (XLM) has been another beneficiary of Grayscale’s strategy shift. XLM is drawing fresh attention as Grayscale & 21Shares expand institutional access.
Coinglass data shows Grayscale Investments’ XLM holdings rose from 100 million to 120 million between July and October 2025. During this period, the price action recorded notable volatility, but steady holdings allude to Grayscale’s confidence in XLM despite market volatility.
In January, the firm rebranded its Stellar Lumens Trust (GXLM) into an ETF, enhancing accessibility for both institutional and retail investors.
The ETF offers volume-weighted pricing, redemption mechanisms, and a NYSE Arca listing, measures to reduce liquidity gaps and premiums.
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This move follows broader ETF milestones beyond Bitcoin and Ethereum, including approving the Hashdex Nasdaq crypto index US ETF.
Cardano ambassador Lucas Machiavelli said this transition legitimized XLM, among other altcoins, as a utility-driven asset within mainstream portfolios.
FIL: Accumulation Ahead of Recognition?
While LINK, ZEC, and XLM have already seen rallies alongside accumulation, Filecoin (FIL) remains an outlier.
Grayscale’s Filecoin Trust allows exposure without the complexity of custodying FIL directly. At the same time, its Decentralized AI Fund, holding assets like TAO, NEAR, RENDER, FIL, and GRT, highlights FIL’s positioning at the intersection of AI and decentralized storage.
Despite subdued price action, holdings data show accumulation, suggesting that investors through Grayscale may be positioning early.
With decentralized storage set to expand in tandem with AI-driven demand, FIL could be among the next assets to catch market attention.
Grayscale’s expanding lineup suggests a shift. By accumulating LINK, ZEC, XLM, and FIL ahead of broader market moves, Grayscale may be shaping and signaling future altcoin narratives.
Based on this, investors should consider monitoring these products to preview which altcoins are poised for the next rally while conducting their own research.
Source: https://beincrypto.com/altcoins-grayscales-investment-accumulating/