Bitwise first in line to file for spot Chainlink ETF

Bitwise Asset Management filed to launch an exchange-traded fund that holds and tracks the self-titled native token of the crypto oracle platform Chainlink.

A filing with the US Securities and Exchange Commission on Tuesday shows the fund would trade as the Bitwise Chainlink ETF, with Coinbase Custody named as the custodian for the fund. 

The ETF plans to hold and offer in-kind creation and redemption for Chainlink (LINK), allowing investors to buy and sell shares using the LINK token.

Bitwise did not disclose the ticker symbol, the exchange its ETF will be listed on or what fee it would charge.

It’s the first time an ETF tracking Chainlink has been filed for in the US. Bitwise submitted a Form S-1 for the fund, but must submit further paperwork, called a Form 19b-4, to kick off the SEC’s approval process. 

LINK gains on ETF filing

The price of LINK was up 4.2% to $24.18 in the last 24 hours amid Bitwise’s filing and a wider market gain, according to CoinGecko.

LINK has gained over 4% in the last day amid Bitwise’s ETF filing. Source: CoinGecko

LINK has gained more than 26% in the past 30 days, but is still over halfway down from its peak of nearly $53 in May 2021. 

Focus on altcoin ETFs grows

The Trump administration has taken a friendlier tone toward crypto, leading fund issuers to flood the SEC with filings for a variety of crypto-linked ETFs.

Bitwise has seen success with its ETFs tracking Bitcoin (BTC) and Ether (ETH), which have respective assets under management of $2.26 billion and $460 million, according to Farside Investors.

On Saturday, asset manager VanEck filed with the SEC to offer an ETF based on JitoSOL, a liquid staking token that provides staking rewards. If approved, this would be the first ETF in the US to offer investors the ability to invest in digital assets that provide staking rewards.

On Friday, Grayscale Investments sought the SEC’s approval to convert its existing trust based on Avalanche (AVAX) into an ETF.

Meanwhile, Canary Capital has filed two ETF product offerings this month, with its filing on Tuesday looking to launch an ETF that holds Official Trump (TRUMP), which US President Donald Trump launched days before his inauguration.

Its second ETF filing made on Friday was for the Canary American-Made Crypto ETF (MRCA), which would offer exposure to a basket of cryptocurrencies that were created, mined or operate in the US.