Bitwise Chainlink ETF appears on DTCC registry

Bitwise’s spot Chainlink exchange-traded fund appeared on the Depository Trust and Clearing Corporation’s registry under the ticker symbol CLNK. 

The listing shows the fund in both the active and pre-launch categories, indicating progress through the regulatory process without guaranteeing approval from the US Securities and Exchange Commission.

The DTCC operates as a post-trade market infrastructure platform that handles clearing, settlement and recording of transactions for stocks and ETFs. The appearance of an ETF on the DTCC registry has historically served as a reliable indicator that a product is nearing authorization. 

Bitwise submitted a Form S-1 statement for the ETF in August to register the product with the SEC. The fund is designed to track the price of LINK, the token that powers Chainlink’s decentralized oracle network. 

But the company has not filed a Form 8-A for its Chainlink product, which represents one of the final documents required before securities can be offered on an exchange and typically signals an imminent launch.

At the same time, Grayscale has also submitted a proposal for a spot Chainlink ETF, though its application may face additional regulatory scrutiny because it includes plans to stake a portion of the LINK assets held by the fund. Bitwise’s proposal does not include any staking component.

The approval process for spot crypto ETFs has been delayed by the US government shutdown, which has entered its 42nd day. The shutdown has forced the SEC to operate with reduced capacity and limited funding. 

Dozens of spot crypto ETFs are currently waiting for SEC approval, though the shutdown is expected to end this week after the Senate passed a funding bill.

Crypto asset managers have filed applications for ETFs tracking a range of digital assets, including Dogecoin, Solana, Aptos, Avalanche and Hedera. Following the successful launches of spot bitcoin and ether ETFs, major issuers have competed to bring similar products for alternative cryptocurrencies to market.