Bitwise Submits S-1 Filing with the SEC to Launch Chainlink ETF

LINK, the native token of Chainlink, a decentralized oracle network, has rallied considerably in the past few hours. Data shows that the token soared 6.7% to exchange hands at $24.44 on Tuesday amid bullish development.

Bitwise Pursues Chainlink ETF

For context, Bitwise, a prominent cryptocurrency asset manager, has officially submitted an S-1 application to launch a spot Chainlink ETF. For the uninitiated, an exchange-traded fund (ETF) is a regulated financial asset that tracks the price of LINK, which will be available and accessible on stock exchanges such as NASDAQ, CBOE, and NYSE.

The asset manager filed the S-1 document with the US Securities and Exchange Commission (SEC) on Tuesday, aiming to track the price of LINK. The investment vehicle will provide investors with indirect exposure to the token, as disclosed in the filing.

Furthermore, Bitwise will offer standard services to ensure investors leverage different kinds of transactions (in-kind and in cash). Meanwhile, Coinbase Custody will manage the fund’s transactions and custody services.

Bitwise’s application contributes to the growing push for integrating digital assets into traditional finance. The SEC, on the other hand, is developing clear regulations for the crypto industry. These regulations aim to support innovation, promote inclusivity, and ensure customer protection.

Chainlink Rising To Mainstream

Notably, Chainlink plays a vital role in blockchain by feeding smart contracts with real-world data. However, as the need for secure, real-time data in blockchain grows, Chainlink’s importance increases.

The Oracle network has recently made moves, drawing its ecosystem to mainstream adoption. For perspective, a recent report by CoinTab revealed that Chainlink entered a partnership with Japan’s SBI Group to promote global adoption.

Similarly, on June 24, Chainlink also collaborated with Mastercard to empower three billion cardholders to participate in on-chain transactions. An approved ETF could enhance Chainlink’s mainstream visibility, driving capital into its project and stabilizing the LINK token’s market.

Meanwhile, with the approval process still in its early stages, Bitwise’s move signals the crypto market’s maturity, with single-asset ETFs expanding beyond Bitcoin and Ethereum. It also joins the growing list of altcoin ETFs awaiting approval from the US SEC.

As earlier mentioned, LINK reacted to the development, also joining a broader market rebound. The notable upside follows a three-day streak of bearish movement, which saw LINK capsize by 17.4%. At the time of writing, LINK trades at $24.15.

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