BREAKING: Bitwise Spot Chainlink ETF Gains Approval to List CLNK on NYSE Arca

Crypto asset manager Bitwise gets approval to list its Chainlink ETF under ticker symbol ‘CLNK’ on NYSE Arca. The spot Chainlink ETF will provide investors with exposure to LINK, with launch expected this week. LINK price has rallied more than 11% in a week.

Bitwise Spot Chainlink ETF Gets Approval

$15 billion crypto asset manager Bitwise filed Form 8-A for its spot Chainlink ETF with the U.S. Securities and Exchange Commission (SEC) on January 5.

In the latest filing, the issuer has received approval from the NYSE Arca exchange to list the Chainlink ETF under the ticker symbol CLNK. Moreover, Bitwise has extended the waiver period on the entire fee up to $500 million in assets under management from one month to three months.

The issuer confirmed Bitwise Investment Manager LLC to purchase the initial baskets of shares for $2.5 million, equivalent to 100,000 shares at $25.

Bitwise has mentioned LINK staking as a secondary investment objective. However, the trust is yet to announce details of staking. The spot Chainlink ETF mentions the preference of Attestant Ltd as the staking agent if it plans to enable staking in the future.

Bitwise Chainlink ETF has set 0.34% as the management fee. Coinbase Custody will serve as custodian and BNY Mellon will serve as cash custodian.

LINK Price Jumps Amid Grayscale ETF Inflows

On Monday, Grayscale Chainlink ETF (GLNK) recorded $2.24 million in inflows. The total inflow has reached $62.22 million, with more than $87 million in total assets under management.

Notably, Grayscale waived a 0.35% management fee for 3 months until it reached $1 billion in assets under management. Bitwise Chainlink ETF launch could significantly boost LINK price.

LINK price jumped more than 2% over the past 24 hours, extending the weekly rally to over 11%. The price is currently trading at $13.86, with a 24-hour low and high of $13.41 and $14.11, respectively.

Furthermore, trading volume has increased by almost 45% over the last 24 hours, indicating rising trader interest amid positive sentiment in the broader crypto market.

Also, CoinGlass data showed buying in the derivatives market. Total LINK futures open interest climbed almost 2% to $665.46 million in the last 24 hours.