Moving closer to a market release, the Bitwise Chainlink Spot ETF has reached a major milestone by appearing on the Depository Trust and Clearing Corporation (DTCC) registry. This registration confirms that the fund is operationally ready to move forward. Although final approval from the SEC is still required, this step brings the ETF closer to the start of trading.
In brief
- The Bitwise Chainlink spot ETF has been added to the DTCC ledger, signaling its operational readiness.
- Registration does not equate to SEC approval, but often precedes formal authorization.
DTCC registration marks a step forward
On Tuesday, Bitwise's Chainlink ETF was added to the DTCC's “active” and “pre-launch” ledgers under the symbol CLNK. DTCC plays a key role in financial markets by providing trade settlement, back-office and recordkeeping to ensure safe and efficient trading of assets, including for stocks and ETFs.
Even if this inclusion in the register is encouraging, it does not guarantee that the Securities and Exchange Commission (SEC) will grant final authorization. Historically, however, this type of registration often preceded official approval.
Chainlink ETF Progress and Market Reaction
As of now, Form 8-A for Bitwise's Chainlink ETF has not yet been filed, a critical regulatory step before a security is listed on an exchange. Once this deposit is made, the launch usually becomes imminent.
Earlier, in August, the company submitted Form S-1 to the SEC to register the Chainlink ETF, designed to track the price of the LINK token, which powers the Chainlink decentralized oracle network.
During these advances, competition also advances. Grayscale is developing its own Chainlink spot ETF, this time integrating staking to allow investors to receive rewards from the network. The complexity of this structure, however, could lengthen Grayscale's regulatory review, giving Bitwise a potential advantage to launch a non-staking product first.
Following these announcements, the LINK token gained approximately 2% over the past 24 hours, reflecting a muted market reaction.
Regulatory Delays and Rise in Crypto ETF Activity
Additionally, ETF approval delays were compounded by the U.S. government shutdown, which lasted more than 42 days under the Trump administration. SEC operations slowed significantly during this period, delaying decisions on ETF applications.
With the Senate now passing a funding bill, federal agencies, including the SEC, are expected to return to normal operations, allowing pending ETF cases to move forward.
At the same time, interest in altcoin spot ETFs continues to grow. The most recent requests concern Avalanche, Solana, Dogecoin, Aptos and Hedera. These filings demonstrate growing enthusiasm among institutional and individual investors for assets beyond Bitcoin and Ethereum. Financial commentator Nate Geraci believes that the end of the government shutdown could trigger a wave of spot crypto ETFs entering the market.
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