Market News

Bitwise Launches Chainlink ETF on NYSE Arca, Opening Doors for Investors

Bitwise has officially secured approval to list its Chainlink ETF on NYSE Arca with the ticker CLNK, marking a significant milestone for cryptocurrency investments in the United States.

Set to launch this week, the ETF will provide investors with a way to gain exposure to Chainlink (LINK) without the need to directly hold the token.

This development follows Bitwise's recent compliance with regulatory requirements and its filing with the U.S. Securities and Exchange Commission.

To incentivize early investors, the ETF will waive management fees for the first three months, covering up to $500 million in assets.

After this initial period, a management fee of 0.34% will be implemented, which aligns with the fees typical of other cryptocurrency ETFs.

Initial funding for the ETF is established at $2.5 million, representing 100,000 shares priced at $25 each, with Coinbase Custody tasked with safeguarding the LINK assets.

Since the ETF's announcement, LINK's price has surged by more than 11%, currently trading around $13.86, fueled by a notable increase in trading volume.

Market analysts suggest that if momentum continues, LINK could test resistance at $14.63, which is critical for bullish trends.

Additionally, institutional interest is on the rise, as reflected by Grayscale’s Chainlink ETF reporting over $62 million in inflows, signaling a growing demand.

The launch of the Bitwise Chainlink ETF stands as a promising opportunity for both retail and institutional investors looking to participate in the evolving crypto landscape.