Bitwise, one of the U.S. leading crypto exchange-traded fund (ETF) issuers, has taken a step to increase the count of publicly-listed crypto investment funds. As evident in its recent filing with the U.S. Securities and Exchange Commission (SEC), it plans to list an ETF tied to the value of LINK, one of the world’s top 12 cryptocurrencies.
LINK is the native cryptocurrency of Chainlink, an eight-year-old crypto platform that connects real-world data and blockchains into unified applications through a decentralized oracle network.
LINK ETF Incoming
Notably, the launch of a LINK ETF would allow investors to gain indirect exposure to the crypto through purchasing shares of its investment fund. This would save many the rigorous process of owning and managing a crypto wallet, which may be hit by phishing or other forms of hacking.
Bitwise has not revealed on which stock exchange it plans to list the exchange-traded fund and its intended ticker. However, it noted that investors would place their trade orders for the ETF shares through their brokers and incur standard brokerage charges.
Within the past 30 days, LINK has been blown about by the crypto market volatility as it has traded between $16.2 and $27.6. At press time, it sits at $24.1, a 29% increase from its one-month low. LINK’s market capitalization is also around $16.4 billion, as the token has seen about 4% increase since the Bitwise ETF application.
Is Approval on the Way?
Following the application, LINK has only joined the long list of cryptocurrency ETFs awaiting approval by the U.S. financial agency. Some coins in the list include Solana (SOL), whose application has been on the SEC desk for a year, Dogecoin (DOGE), XRP, Binance coin (BNB), among many others.
Recently, famous U.S. stock exchanges, the Chicago Board Options Exchange (Cboe) and the New York Stock Exchange (NYSE), have filed with the SEC to ease the approval process for intending crypto ETFs in America. Both exchanges want the financial agency to allow the listing of some cryptocurrencies that meet specific criteria as ETFs within a short period.
Meanwhile, U.S.-approved Bitcoin and Ether ETFs have recorded remarkable success since launch, and the market expects positive movements and inflows into forthcoming crypto ETFs.
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