Bitwise Asset Management has submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) proposing the first U.S.-based Chainlink (LINK) spot exchange-traded fund (ETF). This landmark filing, structured as a Delaware statutory trust, aims to provide regulated access to LINK tokens without requiring direct custody from investors.
The proposed ETF would track the price of Chainlink using the CME CF Chainlink–Dollar Reference Rate (New York Variant) benchmark administered by CF Benchmarks. Shares would be created and redeemed in blocks of 10,000, with authorized participants able to transact in either LINK tokens or U.S. dollars. Coinbase Custody Trust Company has been appointed as custodian for safeguarding LINK reserves, with assets covered by private insurance policies rather than FDIC insurance.
This move represents the first push for a single-token ETF beyond Bitcoin and Ethereum in the U.S., potentially signaling increased institutional acceptance of altcoins. If approved, the ETF could attract significant institutional investment into Chainlink, which serves as a leading decentralized oracle network at the forefront of DeFi infrastructure development.
Despite the filing, LINK's price remained approximately 5% down over the past 24 hours at the time of reporting. The regulatory response to this proposal will likely influence future cryptocurrency financial products and could open doors for more altcoin-based ETFs if successful.