Bitwise has just submitted an S1 form to the US Securities and Exchange Commission (SEC) to launch the Bitwise Chainlink ETF. If approved, the new product wants to offer exposure to the eleventh most valuable cryptocurrency through market capitalization to traditional investors.
The proposal is structured as a statutory trust in Delaware, which spends ordinary shares of favorable interest that must be stated on a trade show. According to the prospectusThe Fund will hold chain link directly and determine its net asset value (NAV) by referring to the CME CF -Kettinglink -Dollar reference speed -New York variant, calculated at 4 p.m. Eastern Time Daily.
BitWise’s proposal recognizes the important function of Chainlink in the blockchain eco system and describes it as a solution for the “oracle problem”, which refers to challenges from securing blockchains with external data.
Chainlink is today one of the leading protocols in Defi infrastructure, which offers decentralized data connectivity for blockchain-based services and products such as NFTs, Web3 gaming and interoperability of Cross-Chain.
The trust plans to use Coinbase guardianship as the official custodian of the link coins of the fund. Coinbase guardianship services have become a benchmark for this type of products, where different funds choose to use the company to protect assets.
This year it was characterized by an increase in managers of trust funds who register to offer more on crypto -based ETFs to traditional investors. BitWise itself has been responsible for a flurry of archives, including proposals for spot -etf’s bound to Chainlink, XRP and wider crypto index funds such as the BitWise 10 Crypto Index ETF.
The SEC now has its hands full of crypto ETF applications, and although this administration has been completely transparent about its efforts to bridge digital assets in traditional investments, the Commission also postponed ETF applications that quote more time to consider.
However, the SEC is expected to approve most ETF applications, in particular XRP and Solana from Bitwise, Grayscale, 21Shares, Coinshares and Franklin Templeton.
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