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Bitwise Files for First-Ever Chainlink ETF in the United States
Bitwise Asset Management has made waves in the cryptocurrency investment space by filing for the first-ever Chainlink ETF in the United States. The groundbreaking filing with the Securities and Exchange Commission on Tuesday represents a significant step forward for institutional crypto investments.
ETF Structure and Custody Details
The proposed Bitwise Chainlink ETF will directly hold and track LINK tokens, the native cryptocurrency of the popular oracle platform. Coinbase Custody has been selected as the official custodian for the fund, providing secure storage for the digital assets.
The ETF structure will allow for in-kind creation and redemption using LINK tokens, giving investors the flexibility to buy and sell shares directly with the underlying cryptocurrency. However, Bitwise has not yet disclosed crucial details including the ticker symbol, listing exchange, or management fees.
Regulatory Process Ahead
While the initial Form S-1 has been submitted, Bitwise must still file a Form 19b-4 to officially begin the SEC’s approval process. This additional paperwork is required before the regulatory body can make its final determination on the ETF application.
LINK Price Surges on Filing News
The Chainlink token experienced immediate market reaction, with LINK prices climbing 4.2% to $24.18 in the 24 hours following the filing announcement. The token has demonstrated strong momentum with gains exceeding 26% over the past month, though it remains significantly below its $53 peak reached in May 2021.
Growing Altcoin ETF Trend
The filing comes amid a surge of cryptocurrency ETF applications following the Trump administration’s more favorable stance toward digital assets. VanEck, Grayscale Investments, and Canary Capital have all submitted various crypto ETF proposals recently, signaling growing institutional interest in alternative cryptocurrency investment vehicles beyond Bitcoin and Ethereum.
