New ETF Launched on NYSE Arca
The second U.S. spot Chainlink fund launched Wednesday as Bitwise Asset Management introduced CLNK on NYSE Arca. Investors can access the product with zero management fees for 90 days on assets up to $500 million.
Trading activity pushed Chainlink (LINK) to $14.25, a 30-day peak, with 24-hour gains approaching 5%. After the promotional window closes, Bitwise will implement a 0.34% annual fee. Grayscale charges 0.35% for GLNK, which became the first publicly traded Chainlink ETF in December.
Chainlink's Role in Blockchain Infrastructure
More than 70 blockchain networks are integrated with Chainlink's oracle technology, supporting over 1,600 projects. The infrastructure connects smart contracts with external information sources. Networks utilizing the protocol include Ethereum, Polygon, Avalanche, and BNB Chain.
Matt Hougan, Bitwise's chief investment officer, characterized oracle systems as critical infrastructure linking blockchains to real-world data. Mainstream adoption requires this technology for risk assessment and financial operations, Hougan stated. He positioned the ETF as access to foundational blockchain infrastructure.
Previous Chainlink Investment Products
GLNK operated as a private investment vehicle from February 2021 until converting to a public ETF format six weeks ago. Assets under management reached $87 million following the conversion. Only accredited investors could previously purchase shares in the closed-end structure.
Chainlink investment products have traded in Europe since early 2022. Global X introduced its ETP in March 2023, following 21Shares' January 2022 launch. Bitwise CEO Hunter Horsley described eight years of consistent execution on X, noting the company builds behind-the-scenes infrastructure for blockchain adoption.
Market Dynamics and Competition
Category dominance positions Chainlink for continued expansion, according to Horsley's assessment. The promotional fee structure mirrors Grayscale's launch approach. Competition is intensifying as firms pursue market share in developing crypto ETF markets.