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Bitwise Files for First U.S. Spot Chainlink ETF

Key Points:

  • First U.S. Chainlink ETF proposed by Bitwise.
  • Custody and execution by Coinbase.
  • Paves the way for single-token crypto funds.

Bitwise Asset Management has formally filed with the SEC to establish the first U.S. spot Chainlink ETF, employing Coinbase for custody and execution services. This move places Chainlink alongside major cryptocurrencies like Bitcoin and Ethereum that have existing spot ETFs. Chainlink’s existing infrastructure spans key American institutions and could see heightened demand as the ETF evolves.

“The objective of the Bitwise Chainlink ETF is to track the performance of the CME CF Chainlink-Dollar Reference Rate, minus expenses and liabilities of the fund.”

The introduction of the Chainlink ETF will potentially increase institutional participation, offering regulated access to Chainlink without needing direct wallet custody. Approval may affect its USD liquidity and influence the broader digital asset market by mirroring impacts seen in Bitcoin and Ethereum ETF launch histories. The filing also marks a critical precedent for altcoin eligibility standards, prompting dialogue on single-token funds. Chainlink’s recent on-chain activity and smart money accumulation indicate heightened investor interest within its market sphere.

As of now, no public statements from Bitwise’s CEO Hunter Horsley or Chainlink’s Sergey Nazarov have been released, but the SEC’s decision will likely trigger further industry developments.

Disclaimer:

The content on nftenex.com is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions.