Bitwise Asset Management has announced that it has submitted an application to launch an exchange-traded fund that will hold and track the native token of the cryptocurrency oracle platform Chainlink.
The documents filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday indicate that the fund will trade under the name Bitwise Chainlink ETF, with Coinbase Custody serving as the fund's custodian.
The ETF plans to hold Chainlink (LINK) and provide a physical subscription and redemption mechanism. Investors can buy and sell fund shares using LINK tokens.
Bitwise has not disclosed the ETF's trading symbol, listing exchange, or fee structure.
This is the first ETF application in the U.S. to track Chainlink. Bitwise has submitted an S-1 form for the fund but must also submit further materials known as 19b-4 to officially initiate the SEC's approval process.
According to CoinGecko, Bitwise's application and the broader market recovery have driven LINK's price up 4.2% in the past 24 hours, reaching $24.18.
LINK has risen over 26% in the past 30 days but is still down more than half from its peak of nearly $53 in May 2021.
Due to the Trump administration's more favorable stance on cryptocurrencies, fund issuers have been submitting a large number of crypto-related ETF applications to the SEC.
According to Farside Investors data, Bitwise's ETFs tracking Bitcoin (BTC) and Ethereum (ETH) have performed well, managing assets of $2.26 billion and $460 million, respectively.
This Saturday, asset management company VanEck submitted an application to the SEC to launch an ETF based on JitoSOL. JitoSOL is a liquid staking token that provides staking rewards. If approved, this would become the first ETF in the U.S. to offer investors an opportunity to invest in staking-type digital assets.
Last Friday, Grayscale Investments sought SEC approval to convert its existing trust based on Avalanche (AVAX) into an ETF.
Meanwhile, Canary Capital has submitted two ETF product applications this month, with Tuesday's application proposing to launch an ETF that holds Official Trump (TRUMP), a token issued by U.S. President Trump just days before his inauguration.
Its second ETF application was submitted on Friday for the Canary American-Made Crypto ETF (MRCA), which will invest in a basket of cryptocurrencies created, mined, or operated in the U.S.
Related: U.S. federal prosecutors appeal sentencing of the mastermind behind the HashFlare Ponzi scheme
Original: “Bitwise First in Line to File for Spot Chainlink ETF”
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