decrypt.co
Crypto asset manager Bitwise has filed to offer a Chainlink ETF which would directly hold $LINK, the oracle network’s native token, according to a new SEC filing.
The filing doesn’t yet include a prospective ticker, but does say that the tokens backing shares would be held with Coinbase Custody Trust Company. This is the same custodian used by many of the largest U.S.-listed crypto ETFs, including BlackRock’s iShares Bitcoin Trust and iShares Ethereum Trust.
The ETF would allow for in-kind creation and redemption, meaning that investors could buy shares with $LINK and receive the token when they sell their shares. It’s only recently that the SEC began allowing crypto ETF issuers to offer in-kind creation and redemption.
In recent months, Bitwise has applied for ETFs tracking separately Solana, XRP, Dogecoin and Aptos. Its Bitcoin and Ethereum ETFs have generated $2.2 billion and $461 million in net inflows, respectively.
Decrypt reached out to Chainlink Labs and Bitwise, but did immediately receive a response.
Although $LINK climbed as high as $24.70 early Tuesday morning, it’s since lost steam. At the time of writing, it’s changing hands for $24.27, about 1.1% lower than the same time yesterday, according to price aggregator CoinGecko.
Trading volume has dipped 14.3% in the past day to $3.8 billion, according to Coinglass. And open interest, or the value of open futures or options contracts, has fallen 5% in the past day to $1.7 billion.
The broader crypto market was awash in red. Earlier today, Bitcoin sank below $110,000 amid turmoil at the Federal Reserve. At the time of writing, Bitcoin was hovering around
In a report shared with Decrypt earlier this month, venture capital firm M31’s David Attermann wrote about the company’s bullish thesis for $LINK, saying that “Chainlink’s footprint inside banks, market infrastructure, and leading crypto protocols creates high switching costs and a path to significant revenue.”