Bitwise Files S-1 with SEC to Launch Spot Chainlink ETF
Bitwise Asset Management has filed an S-1 with the US SEC to launch a spot Chainlink ETF, intended to track the price of LINK, the cryptocurrency of Chainlink.
Key Details of the Bitwise Spot Chainlink ETF
- The ETF shares will list on a US national exchange, venue still undecided.
- Standard creation and redemption mechanisms include in-kind and cash transactions via a “Trust-Directed Trade” system.
- Structured as a Delaware statutory trust; Net Asset Value linked to the CME CF Chainlink–Dollar Reference Rate.
- Shares created and redeemed in blocks of 10,000, allowing transactions in LINK or US dollars.
- Secondary market trading may reflect premiums or discounts relative to NAV.
Market Impact and Price Movement
- Approval odds for the Chainlink ETF are positively influencing LINK's price momentum.
- LINK price increased significantly, currently trading above $24 after bouncing from $22.95 support.
- LINK is now the 11th largest digital asset by market cap, up over 26% in the past month.
- Resistance at $25 could lead to a potential rally to $30.
- Social media sentiment is optimistic; however, some investors expect near-term volatility.