Bitwise Asset Management has filed to launch an Exchange Traded Fund (ETF) that will hold and track Chainlink’s native tokens. The Securities and Exchange Commission (SEC) revealed this on Tuesday, indicating it will be marketed as the Bitwise Chainlink ETF.
The ETF aims to create and redeem Chainlink (LINK) in-kind, enabling investors to buy and sell shares using linked tokens. Interestingly, Bitwise hasn’t disclosed the ticker symbol yet, nor the specific exchanges where the ETF will be available.
This marks the first attempt in the U.S. to file an ETF specifically tracking Chainlink. Bitwise has submitted the Form S-1 for the fund, but it will need to follow up with additional documents called Form 19b-4 to initiate the SEC approval process.
ETF Filing Impact
In light of this filing, the price of LINK has risen by 4.2% to $24.18 in the last 24 hours, benefiting from both Bitwise’s news and a broader market uptrend, according to Coingecko.
Interestingly, LINK has seen a 26% increase over the past month, yet it hasn’t reached its peak of nearly $53 back in May 2021.
Growing Interest in Altcoin ETFs
Under the Trump administration, there’s been a kinder attitude towards cryptocurrency, leading to a wave of ETF filings from various fund issuers with the SEC.
Bitwise has previously found success with its Bitcoin (BTC) and Ether (ETH) ETFs, which have attracted a hefty $2.26 billion and $460 million respectively, according to Farside Investors.
Recently, asset manager Vaneck filed with the SEC for an ETF based on Jitosol, which, if approved, would be the first ETF in the U.S. that allows investment in digital assets offering staking rewards.
On a related note, Grayscale Investments is looking to convert existing trusts into ETFs focused on Avalanche (AVAX). Additionally, Canary Capital has submitted two ETF proposals this month, one aimed at hosting an official Trump ETF, launched just before Donald Trump took office, and another focused on U.S.-created cryptocurrencies.
In a somewhat humorous take, a co-founder of Tezos described Bitcoin as “funny internet money” amidst current economic challenges.
