Bitwise seeks SEC approval for first-ever spot Chainlink ETF in U.S.

Bitwise Asset Management has filed with the US Securities and Exchange Commission (SEC) to launch the first Spot Chainlink ETF, a move that could broaden access to one of the crypto sector’s most widely used oracle tokens. The filing, submitted Tuesday, names Coinbase Custody as the custodian for the fund’s assets.

According to the SEC submission, the proposed Spot Chainlink ETF would hold LINK, the native token of the Chainlink network, and allow for in-kind creation and redemption. That means investors could buy or redeem shares of the ETF directly using LINK tokens, rather than relying solely on cash transactions.

Bitwise has yet to disclose a ticker symbol, the exchange where the fund would list, or its fee structure. The filing is the first of its kind for Chainlink in the US and represents a significant test of how regulators view the expansion of crypto ETFs beyond Bitcoin and Ethereum.

“This is a milestone moment for the industry because it signals the market’s maturation toward altcoin-based ETFs,” — James Seyffart, ETF analyst at Bloomberg Intelligence, told Bloomberg.

Sec approval process ahead

Bitwise submitted the filing on Form S-1 but will need to provide an additional Form 19b-4 before the SEC begins its formal approval process. While the agency recently approved multiple spot Bitcoin and Ether ETFs, products tied to smaller-cap cryptocurrencies face additional scrutiny due to concerns about liquidity, volatility, and potential market manipulation.

“The SEC has historically been cautious with crypto ETFs outside of Bitcoin and Ethereum,” — Todd Rosenbluth, head of research at VettaFi, said in an interview. “Whether the Spot Chainlink ETF gains approval will depend on how regulators assess risks around price discovery and custody.”

If approved, the ETF would give retail and institutional investors regulated exposure to Chainlink without requiring direct custody of LINK tokens. Supporters argue this could bring greater legitimacy and liquidity to the Chainlink ecosystem.

Market reacts to the filing

The news of the Spot Chainlink ETF filing gave LINK’s price a modest boost. According to CoinGecko, LINK rose 4.2% in the past 24 hours to trade at $24.18, extending its 30-day gain to over 26%. Despite the rally, the token remains far below its all-time high of nearly $53 in May 2021.

Analysts say the filing underscores growing investor appetite for altcoin ETFs.

“Chainlink has become a foundational piece of crypto infrastructure through its oracle services, so a regulated product tracking LINK makes sense for investors seeking diversified exposure,” — Clara Medalie, research director at Kaiko, noted.

Altcoin etfs gain momentum

The Spot Chainlink ETF filing comes amid a wave of applications for altcoin-focused ETFs. Over the weekend, asset manager VanEck filed to offer an ETF tied to JitoSOL, a liquid staking token that generates rewards. If approved, it would be the first US ETF to give investors exposure to staking income.

Grayscale Investments has also requested approval to convert its Avalanche Trust into an ETF, while Canary Capital has gone further with two filings this month. One targets exposure to “Official Trump” (TRUMP), a token launched by US President Donald Trump, while another seeks to launch the Canary American-Made Crypto ETF (MRCA), focusing on cryptocurrencies created or mined in the US.

Bitwise, meanwhile, continues to expand its ETF footprint. Its spot Bitcoin and Ether products have attracted $2.26 billion and $460 million in assets under management, respectively, according to Farside Investors. Industry observers say the proposed Spot Chainlink ETF could complement that lineup and capture interest from investors looking beyond the top two cryptocurrencies.

Conclusion

The launch of the first proposed Spot Chainlink ETF represents another step in the mainstreaming of crypto-based investment products. While regulatory approval is far from guaranteed, the filing highlights how asset managers are racing to diversify their ETF offerings in response to investor demand for exposure to digital assets beyond Bitcoin and Ethereum.

If the SEC greenlights the fund, it would mark a significant moment for both Chainlink and the broader altcoin ETF market, potentially setting a precedent for other blockchain tokens to follow. For now, crypto investors will be watching closely to see whether the SEC extends its recent openness toward spot ETFs to one of the industry’s most prominent oracle networks.