Bitwise files for the first U.S. spot Chainlink ETF with the SEC
Bitwise Asset Management submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) for the Bitwise Chainlink ETF. The proposed fund would hold Chainlink (LINK) tokens directly and track their price.
The preliminary S-1 filing describes an exchange-traded product that would give investors exposure to Chainlink held by the trust. The fund would calculate its net asset value using the CME CF Chainlink–Dollar Reference Rate New York variant. Coinbase Custody would store the assets.
Standard creation and redemption processes apply, with authorized participants transacting in 10,000-share blocks. Creations may be made in LINK or cash; redemptions are at the Sponsor’s discretion and may be fulfilled in-kind (LINK) or for cash. The filing does not specify the listing exchange, ticker symbol, or management fee.
Standard creation and redemption processes apply, with authorized participants transacting in 10,000-share blocks. Creations may be made in LINK or cash; redemptions are at the Sponsor’s discretion and may be fulfilled in-kind (LINK) or for cash. The filing does not specify the listing exchange, ticker symbol, or management fee.
The trust would not register under the Investment Company Act of 1940. Bitwise believes it would not qualify as a commodity pool under the Commodity Exchange Act. The sponsor will charge a single management fee, with the rate to be determined later. The trust will not lend its assets.
If the trust shuts down, it would sell its LINK tokens and return cash to shareholders rather than distributing tokens directly. The filing outlines risks common to single-asset crypto products, including price swings, regulatory uncertainty, and potential problems with digital asset storage and market systems.
Bitwise has been developing multiple single-token products alongside broader crypto funds. The company's proposed Solana ETF remains under SEC review after issuers updated their filings earlier this summer. The firm has previously submitted other single-asset applications as the crypto ETP market expands beyond Bitcoin and Ether.
The SEC approved spot Bitcoin ETFs in January 2024, allowing multiple products to begin trading. Spot Ether ETFs started trading in July 2024 after receiving final approvals. The regulator approved the Bitwise 10 Crypto Index Fund’s conversion to an ETF, then issued a stay that paused the approval and prevented launch.
If the trust shuts down, it would sell its LINK tokens and return cash to shareholders rather than distributing tokens directly. The filing outlines risks common to single-asset crypto products, including price swings, regulatory uncertainty, and potential problems with digital asset storage and market systems.
Bitwise has been developing multiple single-token products alongside broader crypto funds. The company's proposed Solana ETF remains under SEC review after issuers updated their filings earlier this summer. The firm has previously submitted other single-asset applications as the crypto ETP market expands beyond Bitcoin and Ether.
The SEC approved spot Bitcoin ETFs in January 2024, allowing multiple products to begin trading. Spot Ether ETFs started trading in July 2024 after receiving final approvals. The regulator approved the Bitwise 10 Crypto Index Fund’s conversion to an ETF, then issued a stay that paused the approval and prevented launch.
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