Bitwise Asset Management has taken a step towards popularizing Chainlink by filing for a Chainlink ETF.
ETF Application for Chainlink
Bitwise has submitted an S-1 filing with the U.S. Securities and Exchange Commission (SEC) to create an ETF that will hold Chainlink (LINK) directly, providing access to the token through a traditional brokerage platform. The filing states that the fund will only hold Chainlink, with its daily valuation tied to an industry pricing benchmark.
Significance for Chainlink
This initiative is significant as Chainlink is one of the larger altcoins that has not had a dedicated U.S. ETF. If the SEC approves the application, it could expand the market for regulated cryptocurrency products beyond the existing bitcoin and ethereum ETFs.
Expectations and Implications
The market has reacted to the news of the application, with participants discussing the potential for increased demand for Chainlink if the ETF is approved. Experts note that filing is just the initial step, and outcomes will depend on regulatory review and investor interest.
Bitwise's application for a Chainlink ETF signals a growing interest in diverse cryptocurrency assets among asset managers. Investors will be watching the SEC review process and further disclosures from Bitwise.
