Bitwise Documents for Initial U.S. Spot Chainlink ETF
Bitwise has submitted documents to the U.S. Securities and Exchange Commission to initiate what may become the first spot Chainlink ETF in the nation. The aim is to provide investors with a simple, regulated avenue to gain access to LINK, Chainlink’s native digital currency, without the necessity to manage wallets, private keys, or on-chain transactions.
How the ETF Will Operate
The envisioned ETF would mirror the daily value of LINK based on a Chainlink-to-dollar index. The core tokens would be held with Coinbase Custody Trust Company, and the ETF shares would trade on a national trading network. This fund is created to be managed passively, meaning there will not be any active trading strategies involved. The objective of the ETF is merely to replicate LINK’s crypto market performance as accurately as possible.
LINK Experiences an Increase Following the Filing
The update of the filing did not go unnoticed. LINK’s value surged approximately five to six percent shortly after the announcement was released. The price recovered from the $22 range to settle in the mid-$20s. There was also a rise in on-chain activities, with several major holders making significant moves concurrently. Whether it was the filing’s excitement or just well-timed trades, the upward momentum was evident.
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The Reasons Behind Chainlink’s Growing Popularity
Chainlink serves a vital function in blockchain infrastructure by delivering decentralized oracle services. These oracles are essential for supplying real-world data to smart contracts, enabling operations from DeFi to insurance and cross-chain bridges to function effectively. Chainlink has also established collaborations outside the cryptocurrency sector, enhancing its credibility and extending its reach beyond conventional Web3 domains.
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Institutional Access Broadened Beyond Bitcoin and ETH
Spot ETFs for Bitcoin and ETH have previously paved the way for institutional investments to flow into crypto via established routes. Bitwise’s Chainlink application indicates that the interest is now expanding to encompass more specialized assets with definite utility. If sanctioned, a Chainlink ETF would enable both institutions and individual investors to gain LINK exposure through a structure they are already familiar with and trust.
What Lies Ahead
Following Bitwise’s S-1 submission, the next step will likely involve a 19b-4 filing and approval from the trading platform. These filings generally undergo a review process that can last for several months. If the ETF receives approval, it would represent the first opportunity for U.S. investors to trade a fund specifically linked to Chainlink. With regulatory momentum gaining traction and additional ETFs being proposed throughout the crypto asset space, this filing may arrive at an opportune moment.
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Key Takeaways
- Bitwise has initiated the first application for a U.S.-listed Chainlink ETF, aiming to provide investors direct access to LINK without handling crypto wallets.
- The ETF would mirror the LINK-to-USD value and hodl assets with Coinbase Custody, employing a passive model to reflect Chainlink’s crypto market behavior.
- LINK’s price rose by 5–6% after the filing news, with a surge in on-chain activities indicating robust investor interest.
- Chainlink is recognized as a key component of blockchain infrastructure, powering oracles utilized across Decentralized finance, insurance, and cross-chain applications.
- This filing signals a growing appetite for crypto asset ETFs beyond BTC and Ethereum, facilitating regulated access to utility-focused tokens like LINK.
The article Bitwise Files for First U.S. Spot Chainlink ETF first appeared on 99Bitcoins.
