Bitwise Files for Chainlink ETF
Bitwise Asset Management has submitted a proposal to launch an exchange-traded fund designed to hold and track the self-titled native token of the crypto oracle platform Chainlink.
A filing with the US Securities and Exchange Commission on Tuesday indicates that the fund would be named the Bitwise Chainlink ETF, with Coinbase Custody designated as the custodian for this fund.
The ETF aims to facilitate in-kind creation and redemption for Chainlink (LINK), enabling investors to buy and sell shares using the LINK token.
Bitwise has not shared the ticker symbol, the exchange on which its ETF will be listed, or the fee it intends to charge.
This marks the first instance of an ETF tracking Chainlink being filed in the US. Bitwise has submitted a Form S-1 for the fund; however, it will need to provide additional paperwork, known as a Form 19b-4, to initiate the SEC’s approval process.
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According to CoinGecko, the price of LINK has increased by 4.2%, reaching $24.18 in the past 24 hours, coinciding with Bitwise’s filing and overall market gains.
LINK has risen over 26% in the last 30 days, yet it remains more than halfway down from its peak of nearly $53 recorded in May 2021.
The Trump administration has adopted a more favorable stance toward cryptocurrencies, prompting fund issuers to inundate the SEC with proposals for various crypto-related ETFs.
Bitwise has previously found success with its ETFs for Bitcoin (BTC) and Ether (ETH), which currently hold respective assets under management of $2.26 billion and $460 million, as reported by Farside Investors.
This past Saturday, asset manager VanEck lodged a filing with the SEC to introduce an ETF based on JitoSOL, a liquid staking token that yields staking rewards. If approved, this would be the first ETF in the US allowing investors to engage in digital assets that provide staking rewards.
On Friday, Grayscale Investments sought the SEC’s approval to convert its existing trust focused on Avalanche (AVAX) into an ETF.
Meanwhile, Canary Capital has filed for two ETF products this month. Its filing on Tuesday aims to establish an ETF that would hold Official Trump (TRUMP), a token released by US President Donald Trump shortly before his inauguration.
Its second ETF filing, submitted on Friday, pertains to the Canary American-Made Crypto ETF (MRCA), which seeks to provide exposure to a range of cryptocurrencies that were created, mined, or operational within the US.
