Bitwise Asset Management has filed a preliminary S-1 filing with the US Securities and Exchange Commission (SEC) to launch the Bitwise Chainlink ETF – a managed fund product that tracks the price of LINK, the native Token of the Chainlink decentralized oracle network.
According to the filing , the trust’s goal is for the value of the shares to reflect the true value of LINK. Coinbase Custody Trust Company is proposed to act as the custodian, while Coinbase, Inc. will Vai as the primary executioner. Bitwise expects the shares to be listed on a national exchange in the United States, but has not yet disclosed where.
The filing also describes a standard share creation and redemption mechanism, which allows for both physical and cash transactions through a “Trust-Directed Trade” process handled by a primary execution unit.
Chainlink is a decentralized oracle network that provides Off-Chain data (such as market prices) to smart contracts and DeFi protocols, connecting the blockchain to real-world data. The LINK Token is used to incentivize node operators and serve system governance based on a proof-of Stake consensus model.
Notably, the S-1 filing makes no mention of LINK Staking , despite the SEC recently finding that Staking does not violate federal securities laws. There is no reference to Staking rewards or validator activity, suggesting the product is designed solely to reflect the spot price of LINK, rather than a yield-optimizing strategy.
Bitwise’s move is part of a broader trend of expanding its single crypto ETF offerings beyond bitcoin and ether. Grayscale previously filed to convert its Avalanche Trust into an AVAX spot ETF, as many Wall Street firms look to diversify their crypto portfolios.
The LINK ETF filing also follows a July report from Bitwise CIO Matt Hougan, who called Chainlink one of the “cleanest” crypto options thanks to its growing tokenization narrative. LINK is currently trading around $23, down about 55% from its May 2021 high of over $52.
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The article Bitwise Officially Files to Launch Chainlink Spot ETF appeared first on CoinMoi .
