Bitwise Seeks SEC Approval for Spot Chainlink ETF

Bitwise Asset Management, a leading provider of cryptocurrency-based exchange-traded funds (ETFs), has made significant strides in the regulatory landscape by filing an application with the US Securities and Exchange Commission (SEC) to launch a spot Chainlink ETF. This development marks a milestone for the firm, which currently manages $2.26 billion in Bitcoin ETF assets and $460 million in Ethereum ETF assets.

The proposed fund will track the native token of the crypto oracle platform, Chainlink (LINK), allowing investors to gain exposure to this popular digital asset without having to directly hold it. The SEC filing reveals that Coinbase Custody will serve as the designated custodian for the fund, ensuring the safekeeping and management of the LINK tokens.

The ETF's in-kind creation and redemption mechanism will utilize Chainlink tokens, providing investors with a convenient way to buy or sell shares of the fund. While the proposed ticker symbol, listing exchange, and management fees remain undisclosed, this development is expected to contribute positively to the broader market, particularly for LINK, which has rallied 26% over the past 30 days.