Bitwise Asset Management has submitted the first application for an exchange-traded fund (ETF) in the US that will track the price of Chainlink, a token associated with the crypto oracle platform. Filed with the Securities and Exchange Commission (SEC), this new ETF, named the Bitwise Chainlink ETF, intends to hold Chainlink (LINK) and allows investors to trade shares using the LINK token. While specific details regarding the ETF's ticker symbol, the exchange it will be listed on, and the fees have not been disclosed, the application is significant as it marks an advancement in the area of altcoin-focused funds in the U.S. Following Bitwise's filing, LINK's price experienced a 4.2% increase to $24.18 within 24 hours. Over the past month, LINK has risen by over 26%, although it remains substantially below its peak of nearly $53 reached in May 2021. Interest in altcoin ETFs is growing as financial institutions take a more favorable approach to cryptocurrency investing, leading to multiple ETF filings with the SEC for various crypto assets.

Source 🔗