Bitwise Asset Management has made history as the first issuer to file for an exchange-traded fund (ETF) designed to track Chainlink (LINK), marking a major step in the growing trend of altcoin ETFs.
Bitwise Files Chainlink ETF with the SEC
The asset manager submitted a filing with the US Securities and Exchange Commission (SEC) to launch the Bitwise Chainlink ETF. According to the filing, Coinbase Custody would serve as the custodian of the fund.
The ETF is structured to hold Chainlink directly and allow in-kind creation and redemption, meaning investors could buy and sell shares using LINK tokens. However, Bitwise has not yet revealed the ticker symbol, the exchange listing, or the management fees.
This marks the first time a US ETF specifically tied to Chainlink has been filed. While Bitwise submitted a Form S-1, the process still requires a Form 19b-4 submission to begin formal SEC approval.
LINK Price Reacts to ETF Filing
Following the news, Chainlink’s price rose 4.2% in the last 24 hours, reaching $24.18, according to CoinGecko. LINK has gained more than 26% over the past month, although it remains well below its all-time high of nearly $53 set in May 2021.
Rising Demand for Altcoin ETFs
The filing comes as the crypto ETF landscape expands beyond Bitcoin and Ethereum. The Trump administration’s more favorable stance on digital assets has prompted issuers to pursue ETFs tied to a wider range of cryptocurrencies.
Bitwise already manages successful ETFs backed by Bitcoin (BTC) and Ethereum (ETH), with assets under management of $2.26 billion and $460 million respectively, according to Farside Investors.
Other issuers are also racing to market:
- VanEck filed for an ETF based on JitoSOL, a liquid staking token that distributes staking rewards. If approved, it would be the first ETF in the US to offer exposure to staking assets.
- Grayscale Investments recently applied to convert its Avalanche (AVAX) trust into an ETF.
- Canary Capital filed for two new ETFs, including one holding Trump’s official TRUMP token and another offering exposure to US-origin cryptocurrencies through the Canary American-Made Crypto ETF (MRCA).
What the Bitwise Chainlink ETF Means for Investors
If approved, the Bitwise Chainlink ETF would give traditional investors easier access to Chainlink, one of the leading blockchain oracle networks, without the complexities of managing tokens directly. The move also highlights growing institutional demand for altcoin investment vehicles and could set the stage for more diverse crypto ETF offerings in the future.
