Bitwise files S-1 for a Chainlink spot ETF

Bitwise has filed for a Chainlink exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). The Bitwise Chainlink ETF application, the first one for Chainlink, comes amid growing institutional interest in digital assets, with investors eyeing spot ETFs beyond Bitcoin and Ethereum that the SEC approved in ￰0￱ files for Chainlink spot ETF Bitwise Asset Management, one of the top asset managers in the crypto cycle, has submitted a preliminary prospectus to the SEC for a Bitwise Chainlink ￰1￱ exchange-traded fund, which will track the price of Chainlink, joins a list of other altcoins awaiting the SEC’s ￰2￱ to the filing, the fund will hold LINK directly, with custody provided by Coinbase Custody.

Meanwhile, the ETF’s net asset value will be determined using the CME CF Chainlink-Dollar Reference Rate, a benchmark calculated by CF Benchmarks and based on aggregated trade data from major LINK trading ￰3￱ of the ETF will be created in a basket of 10,000 blocks and will be redeemable in the LINK token or via USD. Bitwise’s filing for a LINK spot ETF comes as the SEC pushes forward its decision on multiple spot crypto ￰4￱ other issuers, Bitwise is eyeing verdicts on proposals for ETFs tied to XRP, Solana, Dogecoin, and ￰5￱ is the outlook for the price of LINK? In recent weeks, one of the tokens to spark attention has been ￰6￱ LINK token, which powers a decentralized network of oracles that connect smart contracts to real-world data, has gained amid increased adoption of its ￰7￱ includes partnerships like the one Chainlink has struck with Japan financial giant SBI Group to bring tokenized assets, cross-border payments and stablecoin verification to Japan and ￰8￱ launch of Data Streams and LINK reserves is also a big move for ￰9￱ institutional and retail gather pace, the prospect of a spot ETF could spark further optimism about LINK’s ￰10￱ spot ETFs have analysts predicting a potential explosion in demand and ￰11￱ this case, the Bitwise Chainlink ETF adds to the list of potential short term catalysts for LINK ￰12￱ SEC’s decision on several coins, expected in the coming months, is already pushing sentiment through the roof.

Currently, Chainlink trades around $23.40, down 4% in the past 24 hours as most alts mirror Bitcoin’s dip to below $111k. However, Chainlink, ranked 11 by market cap, is up 25% this past month and nearly 90% this past year.