Bitwise Chainlink ETF Approved for NYSE Arca Listing, Trading Set to Begin Tomorrow

Source: CryptoNewsNet Original Title: Bitwise Chainlink ETF approved to list on NYSE Arca, trading set for tomorrow Original Link:

Bitwise Chainlink ETF Approved for NYSE Arca Listing

Bitwise’s Chainlink ETF has been cleared for listing on NYSE Arca following regulatory approval, with trading potentially beginning as early as tomorrow.

Product Details

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. This structure aims to lower operational and custody barriers for investors seeking LINK exposure without holding or managing tokens directly.

Key features include:

• Direct Holdings: The fund will directly hold LINK tokens
• Ticker Symbol: CLNK on NYSE Arca
• Management Fee: 0.34% annual fee
• Sponsor Fee Waiver: Full sponsor fee waived on the first $500 million of assets for the first three months after listing
• Future Plans: Bitwise plans to seek approval to add staking as a secondary objective, potentially allowing the trust to earn additional LINK over time

Market Context

Chainlink is a decentralized oracle network that enables smart contracts on blockchains to securely interact with external data sources and off-chain systems.

At press time, LINK was trading at $14, up 7.5% in the last 24 hours, following a broader market rebound that lifted Bitcoin to $96,000.

Competitive Landscape

This Bitwise 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 according to the latest disclosure.