Bitwise Submits ETF Application for Growing Altcoin! Find Out More Here

Bitwise's ETF Filing: Bitwise Asset Management has submitted a preliminary S-1 filing to the SEC for a Bitwise Chainlink ETF, aimed at tracking the price performance of LINK, the token of the Chainlink network.

Fund Structure and Custodianship: The fund will utilize Coinbase Custody Trust Company as its custodian and Coinbase, Inc. as the primary brokerage, with plans to list shares on a national exchange in the US.

Trading Mechanism: The ETF will execute transactions through a "Trust-Directed Trade" process, focusing solely on direct exposure to the spot price of LINK without including staking options.

Market Trends: This move reflects a broader trend in the crypto market towards single-asset ETFs beyond Bitcoin and Ethereum, with other firms like Grayscale also pursuing similar products.