Bitwise files to launch a spot Chainlink ETF in latest push for single-token crypto funds
Quick Take
- Bitwise’s S-1 proposes a Chainlink ETF that tracks LINK’s spot price as firm push to expand their crypto product suite.
- The filing includes no provision for staking LINK, despite May SEC guidance that staking on proof-of-stake networks does not constitute a securities transaction.
Bitwise Asset Management submitted a preliminary S-1 to the U.S. Securities and Exchange Commission to launch the Bitwise Chainlink exchange-traded fund, a regulated product designed to track the price of LINK, the native token of the Chainlink oracle network.
The filing says the trust’s objective is for its shares to reflect LINK’s value, with Coinbase Custody Trust Company proposed as custodian and Coinbase, Inc. as the prime execution agent. The sponsor expects the shares to list on a U.S. national exchange, though the specific venue is not yet disclosed.
Also, the document outlines standard creation and redemption mechanics, adding that the trust can facilitate both in-kind and cash transactions via a “Trust-Directed Trade” process handled by the prime execution agent.
Chainlink is a decentralized oracle network that supplies off-chain data, such as market prices, to smart contracts and DeFi protocols. It essentially connects blockchain ecosystems with real-world data. The LINK token serves to incentivize node operators and power governance decisions as part of its proof-of-stake consensus model.
Notably, the S-1 includes no plan to stake LINK, despite recent SEC guidance clarifying that staking does not violate federal securities laws. There are no references to staking rewards or validator participation in the registration statement, indicating the product is structured as a pass-through exposure to LINK’s spot market price rather than a yield-enhanced strategy.
The Bitwise move adds to the industry’s push to broaden single-asset crypto products beyond bitcoin and ether. On Monday, Grayscale filed to convert its Avalanche Trust into a spot AVAX ETF as several firms move to widen Wall Street’s crypto lineup.
Paperwork for a LINK ETF also follows a July note from Bitwise CIO Matt Hougan detailing a bullish outlook. In the report, Hougan included Chainlink’s token among the “cleanest” crypto plays based on the growing tokenization narrative. The Block's price page shows LINK at $23, down 55% from its all-time high of over $52 set in May 2021.
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