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Bitwise Asset Management’s proposed spot Chainlink ETF has appeared on the DTCC registry, a development that often signals a fund’s impending launch.
The listing, identified by the ticker symbol CLNK, is currently under “pre-launch,” according to the Depository Trust and Clearing Corporation (DTCC).
While the DTCC listing does not indicate that the U.S. SEC has approved the product, such registrations have historically been a strong signal that approval may be imminent.
Grayscale Pursues Rival ETF Amid Regulatory Challenges
Meanwhile, Grayscale Investments is also pursuing a spot Chainlink ETF. However, analysts contend that the proposal may encounter heightened regulatory scrutiny due to the firm’s intention to incorporate staking.
This mechanism would enable the firm to earn rewards through the validation of network transactions. While attractive to investors, this feature raises additional questions for the SEC regarding yield generation within ETFs.
By contrast, Bitwise’s simpler design, which focuses solely on price tracking, may provide it with a smoother regulatory path.
Government Shutdown Slows Down ETF Approvals
The broader crypto ETF landscape remains affected by the ongoing U.S. government shutdown, now in its 42nd day. The SEC has been operating with limited capacity and resources, thereby delaying multiple pending ETF decisions.
However, there are signs of movement. The shutdown is expected to end soon, as the Senate passed a funding bill earlier this week that could allow the SEC to resume full operations.
Growing Wave of Altcoin ETF Applications
The Chainlink ETF is part of a broader surge in crypto asset managers filing for spot ETFs tied to altcoins. For instance, new applications have targeted tokens such as Solana (SOL), Dogecoin (DOGE), Avalanche (AVAX), Hedera (HBAR), and Aptos (APT).
This trend indicates an expanding interest among investors in opportunities beyond Bitcoin and Ethereum. In turn, this has contributed to a rise in institutional participation in alternative digital assets.
Industry analysts expect an expedited pace of ETF approvals under the new SEC generic listing standards introduced on September 17. The rules enable certain crypto investment products to be listed without a case-by-case review, streamlining the approval process.
However, the government shutdown began less than two weeks later, leaving regulators little time to implement the updated framework.