Key Takeaways
- The Bitwise Chainlink ETF gets approval for listing on NYSE Arca.
- Trading for the ETF could start as soon as tomorrow.
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Bitwise’s Chainlink ETF has been cleared for listing on NYSE Arca following regulatory approval. The product could begin trading as early as tomorrow.
The Bitwise Chainlink ETF is designed to offer investors exposure to the price of Chainlink (LINK), the 20th largest crypto asset by market capitalization, through a traditional brokerage account that aims to lower operational and custody barriers for investors who want exposure to the asset without holding or managing tokens themselves.
The fund will directly hold LINK, with shares set to trade on NYSE Arca under the ticker CLNK. It will not engage in staking; however, Bitwise plans to seek approval to add staking as a secondary objective in the future, which could allow the trust to earn additional LINK over time.
The ETF charges a 0.34% management fee. For the first three months after listing, Bitwise will waive the full sponsor fee on the first $500 million of assets, temporarily reducing costs for early investors.
Chainlink is a decentralized oracle network that enables smart contracts on blockchains to securely interact with external data sources and off-chain systems.
LINK was trading at $14 at press time, up 7.5% in the last 24 hours, per CoinGecko. The gains follow a market-wide rebound earlier today that lifted Bitcoin to $96,000.
The Bitwise Chainlink ETF is the second US spot fund tied to LINK, approved shortly after Grayscale converted its Chainlink Trust into a spot ETF (GLNK) late last month. The GLNK fund has reached $87.5 million in assets, per the latest disclosure.