Bitwise's spot Chainlink ETF has appeared on the registration list of the U.S. Depository Trust & Clearing Corporation (DTCC), which is often seen as a signal that the fund is one step closer to being listed.
The Bitwise Chainlink ETF was added to the DTCC's "active" and "pending listing" lists on Tuesday under the code CLNK. While this registration does not guarantee that the U.S. Securities and Exchange Commission (SEC) will approve the ETF, historically, it usually indicates that the product is about to be approved.
DTCC is a post-trade market infrastructure platform responsible for clearing, settling, and recording transactions, serving as a market hub to ensure that assets like stocks and ETFs can be traded efficiently and securely.
Bitwise has not yet submitted Form 8-A for its Chainlink product, which is one of the final documents that must be submitted before a security is listed on an exchange, typically indicating that the product's launch is imminent.
In August, Bitwise submitted Form S-1 to register the product with the SEC. The ETF aims to track the price of Chainlink (LINK), a token that powers Chainlink's decentralized oracle network to provide on-chain real-time data for smart contracts.
Grayscale is another crypto asset management company developing a spot Chainlink ETF. However, it may face more regulatory challenges than Bitwise due to its attempt to incorporate staking.
Dozens of spot crypto ETFs are currently awaiting SEC approval, and the U.S. government shutdown has entered its 42nd day, but it is expected to end this week as the Senate passed a funding bill.
Crypto asset management companies have submitted ETFs to track an increasing number of speculative altcoins, hoping to attract investor attention, from Dogecoin (DOGE) and Solana (SOL) to Aptos (APT), Avalanche (AVAX), and Hedera (HBAR).
Industry analysts now expect more spot crypto ETFs to be approved as the SEC has created new general listing standards, allowing for the approval of crypto investment products without case-by-case review.
The SEC's new listing standards were released on September 17, less than two weeks before the U.S. government shutdown, leaving little time for the new rules to be implemented.
Since then, the government shutdown has forced the SEC to operate with limited capacity and funding.
Related: Ripple (XRP) price chart suggests "huge breakout," target $5
Original: “Bitwise's Chainlink ETF Appears on DTCC Website, Suggesting Imminent Approval”
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