Key Insights:
- Bitwise files S-1 amendment for its Chainlink ETF with the U.S. SEC.
- The issuer revealed a 0.34% management fee.
- Bitwise waived the entire fee for one month until reaching $500 million in assets under management.
- LINK price failed to hold key support and fell 5%.
Crypto asset manager Bitwise has filed an updated S-1 for its Chainlink ETF with the U.S. Securities and Exchange Commission.
The issuer reveals several details, including the management fee, ticker, and fee waiver.
Traders didn’t respond immediately as LINK price was down more than 3% over the last 24 hours due to selling pressure in the crypto market.
Bitwise Updates Its Spot Chainlink ETF
According to the latest filing with the US SEC, Bitwise filed a first amendment to S-1 for its spot Chainlink ETF.
In the latest filing, the issuer has revealed a 0.34% management fee. Also, it waived the entire fee for one month until reaching $500 million in assets under management.
Bitwise Chainlink Trust ETF will list the shares on NYSE Arca under the ticker symbol “CLNK.”
In addition, the issuer has not removed the delaying amendment from the filing despite the latest guidance from the US SEC’s Division of Corporate Finance.
Bitwise will likely seek approval from the U.S. Securities and Exchange Commission (SEC) for its Chainlink ETF.
As The Coin Republic reported, Grayscale also filed an S-1 amendment for its Chainlink ETF with the U.S. SEC last week. The issuer revealed a 0.35% management fee.
Moreover, Grayscale waived the entire fee for 3 months until reaching $1 billion in assets under management.
DTCC Listed Bitwise Chainlink ETF
DTCC listed Bitwise Chainlink ETF under the ticker symbol “CLNK,” sparking a buzz in the crypto community recently. The listing on DTCC indicated progress towards approval of Chainlink ETFs.
Bitwise aims to provide institutional and retail investors with exposure to LINK with its Chainlink ETF.
The trust intends to allow staking, but no details have been disclosed about staking yet. However, it added the following statement:
“At a future date, it is the current intention of the Trust to amend its registration statement to allow the Trust to conduct staking as a secondary investment objective. The amended registration statement will include a detailed description of the Trust’s staking program under a section entitled Staking.”
LINK Price Drops 5%
LINK price dropped 5% in the past 24 hours, extending the weekly fall to more than 16%. At the time of writing, the price was trading at $12.99.
The 24-hour low and high were $12.98 and $13.96, respectively.
Furthermore, trading volume has dropped by 32% in the last 24 hours, indicating a massive decline in interest among traders. Analyst Ali Martinez highlighted that LINK could lose the support trendline that has held strong since July 2023.
Notably, LINK price is trading way below the 50-MA and 200-MA now on the daily chart, despite the Grayscale Chainlink ETF launch approaching. The price needs to reclaim above the 50-MA at $17.48 to gain upside momentum.
CoinGlass data showed massive selling in the derivatives market in the last few hours. Total LINK futures open interest tumbled almost 2% to $571 million in the last 4 hours.