Bitwise Asset Management registered its Chainlink spot ETF in the DTCC system under the ticker CLNK, an operational step that suggests readiness for launch. Final approval depends on the SEC and pending regulatory procedures, so the real impact on flows and price will only be clear after formal authorization. This development affects managers, derivatives traders and institutional investors seeking regulated exposure to infrastructure tokens like LINK.
Registration with the DTCC is an infrastructure requirement for settlement and back-office; according to the cited documentation, Bitwise’s S‑1 was filed on Aug. 26, 2025 and Coinbase Custody Trust Company is listed as the proposed custodian of the underlying assets.
Although listing on the DTCC usually precedes launch, the firm has not yet publicly filed a Form 8‑A —the document that formalizes the class of securities for listing— and the final decision rests with the SEC.
Bitwise opted for a “no staking” structure for this ETF, a relevant contrast with Grayscale’s proposal that would include a staking component; staking adds potential yields but also raises regulatory questions about the classification of the income.
The SEC’s adoption of generic listing rules in mid‑September has accelerated expectations of approvals for various altcoin ETFs, shaping the broader context for potential launches.
Key points in the Bitwise registration process
The announcement triggered volatile moves in LINK: the initial S‑1 filing generated a rebound of nearly 5% to approximately $23,89, followed by a correction that reached around a 7% drop to about $15,36 within 24 hours, according to data gathered in reports.
That back‑and‑forth reflects both potential institutional interest and the market’s sensitivity to regulatory uncertainty and macro factors, including operational delays linked to the possibility of a U.S. government shutdown.
Entry into the DTCC reduces operational frictions and increases the technical probability of launch —a pattern observed by analysts like Eric Balchunas— but it does not eliminate regulatory risk: the SEC remains the final decision‑maker. For traders and managers, the expectation of a LINK spot ETF could translate into greater liquidity and increased interest in derivatives (basis, open interest), although it would also raise volatility in the initial phases of trading.
The next verifiable milestone is the registration’s effectiveness with the SEC and the filing/registration of the Form 8‑A; until then, the DTCC marks operational readiness but does not equate to an actual launch nor to guaranteed flows.
