Bitwise Spot Chainlink ETF Receives Approval to Trade on NYSE Arca

Bitwise Spot Chainlink ETF is authorized for trading on the NYSE Arca under the ticker symbol “CLNK.” Details, such as the extension of the fee waiver term, are disclosed by the issuer.

Bitwise, the crypto asset manager, has received approval to float its Chainlink ETF on NYSE Arca under the ticker code ‘CLNK'. The spot Chainlink ETF will provide investors with exposure to LINK, and it is slated to begin this week. LINK's price has risen by more than 11% in a week.

Bitwise Spot Chainlink ETF to Trade Under “CLNK”

Bitwise Spot Chainlink ETF Approved at $On January 5, Bitwise, a $15 billion crypto asset manager, filed Form 8-A with the US Securities and Exchange Commission (SEC) for its spot Chainlink ETF.

In the most recent filing, the issuer announced that the NYSE Arca exchange has approved the Chainlink ETF for listing under the ticker symbol CLNK. Furthermore, Bitwise has increased the waiver period for the total cost up to $500 million in assets under management from one to three months.

The issuer confirmed Bitwise Investment Manager LLC's purchase of the inaugural baskets of shares for $2.5 million, which equates to 100,000 shares at $25.

Bitwise has mentioned LINK staking as an alternative investing strategy. However, the trust has yet to release the parameters of staking. The spot Chainlink ETF cites Attestant Ltd as a preferred staking agency if staking is enabled in the future.

Bitwise Spot Chainlink ETF has set its management fee at 0.34%. Coinbase Custody will act as custodian, while BNY Mellon will function as cash custodian.

LINK Price Rises Amid Grayscale ETF Inflows

On Monday, the Grayscale Chainlink ETF (GLNK) received $2.24 million in inflows. The overall inflow is $62.22 million, with over $87 million in assets under administration.

Notably, Grayscale waived its 0.35% management fee for three months until it had $1 billion in assets under management. The launch of the Bitwise Spot Chainlink ETF might dramatically enhance LINK's price.

LINK's price increased by more than 2% in the last 24 hours, bringing the weekly surge to more than 11%. The current market price is $13.86, with a 24-hour low of $13.41 and a high of $14.11.

Furthermore, trading volume has risen by nearly 45% in the last 24 hours, showing greater trader interest amid a favorable mood in the broader cryptocurrency market.

Additionally, CoinGlass data revealed buying in the futures market. Over the last 24 hours, total LINK futures open interest increased by nearly 2% to $665.46 million.