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Crypto asset management firm Bitwise Asset Management has filed a preliminary S-1 filing with the U.S. Securities and Exchange Commission (SEC) to launch its Bitwise Chainlink ETF.
Bitwise Files with SEC for Chainlink ($LINK) ETF
Designed as a regulated investment product, the fund aims to track the price performance of $LINK, the native token of the decentralized oracle network Chainlink.
According to the filing, the fund's goal is for the shares to reflect the market value of $LINK. Coinbase Custody Trust Company is serving as custodian, while Coinbase, Inc. is serving as the primary brokerage. The shares are planned to be listed on a national exchange in the US, but the exact platform has not yet been announced.
The documents describe the fund's standard formation and redemption mechanisms, noting that both cash and asset-based transactions will be executed through a process called “Trust-Directed Trade.” Importantly, the filing did not include any plans for $LINK staking. Despite the SEC's clarification of the legal framework surrounding staking, the fund will only offer direct exposure to the spot price of $LINK.
The Chainlink network stands out as one of the largest oracle protocols connecting blockchains with real-world data. The $LINK token is used both to incentivize validators and to play a role in network governance.
Bitwise's move is part of a growing trend to expand single-asset crypto ETF products beyond Bitcoin and Ethereum. Grayscale recently also applied to convert its Avalanche Trust into the spot AVAX ETF.
Bitwise CIO Matt Hougan described $LINK as one of the strongest crypto assets compatible with the tokenization wave in a report published in July.
*This is not investment advice.