This Wednesday, November 12, Bitwise’s Chainlink ETF took a crucial step. It was added to the Depository Trust & Clearing Corporation (DTCC) eligibility list under the ticker CLNK. Although this inclusion is part of the standard preparation process for clearing and settlement, it does not signify regulatory approval from the Securities and Exchange Commission (SEC); rather, it confirms that the fund is technically ready to operate pending the official green light.
The advance aligns the asset manager with the ravenous institutional appetite for blockchain-linked products. In its S-1 filing, the firm emphasized that Coinbase Custody will serve as custodian, allowing for in-kind creation and redemption of the product. The market’s reaction to the news was immediate, boosting the trading volume of the LINK token, which was trading around $15.45, evidencing increased investor participation anticipating a substantial improvement in the liquidity and demand for the underlying asset.
Now, the entire market is awaiting the SEC’s final decision. Senior analyst Eric Balchunas believes that most funds that reach this stage at the DTCC eventually launch, especially under a favorable regulatory environment. Experts like Nate Geraci estimate that the debut could occur in a matter of days after the government shutdown ends, joining other recent Bitwise proposals for Solana and XRP ETFs that are also awaiting approval.
Source: https://www.dtcc.com/charts/exchange-traded-funds
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