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Bitwise's Chainlink spot ETF approved… 'CLNK' to be listed on NYSE Arca
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- Bitwise said it received U.S. SEC approval to list the Chainlink (LINK) spot ETF 'CLNK' on NYSE Arca.
- The ETF will introduce a management fee waiver for 3 months and an asset inflow incentive policy of up to $500 million.
- After ETF approval, Chainlink's price and trading volume rose, and open interest in derivatives also increased.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
U.S. asset manager Bitwise has received approval to list a Chainlink (LINK) spot exchange-traded fund (ETF).
According to Coinpedia on the 6th, Bitwise obtained approval from the U.S. Securities and Exchange Commission (SEC) to list a Chainlink spot ETF on NYSE Arca under the ticker 'CLNK'. The ETF is expected to begin trading as early as this week.
CLNK is designed to allow investors to gain exposure to price movements without directly holding Chainlink tokens. To encourage initial inflows, management fees will be waived for 3 months after launch, with the fee waiver covering up to $500 million in assets. Thereafter, an annual management fee of 0.34% will apply.
The fund raised $2.5 million in seed capital, and Chainlink custody will be handled by Coinbase Custody. Cash asset custody is managed by BNY Mellon. Staking was listed as an additional objective, but a concrete implementation schedule has not been finalized.
Meanwhile, Chainlink's price showed strength after the ETF approval. LINK rose more than 11% over the past week and was trading around $13.8, with trading volume increasing by about 45%. In the derivatives market, open interest expanded to about $665 million, indicating flows of new capital.
