Chainlink (LINK) rises 5% and reaches the month's high with a new ETF

Source: PortaldoBitcoin Original Title: Chainlink (LINK) surges 5% to reach the highest of the month with new ETF Original Link: Bitwise Asset Management launched on Wednesday (14) the Bitwise Chainlink ETF on NYSE Arca, becoming the second spot ETF based on Chainlink (LINK) to be traded in the United States.

At the time of writing, the cryptocurrency is trading at US$ 14.33 — the highest value in the last month — after recording a 5.1% increase in the last 24 hours, according to the price aggregator CoinGecko.

In a press release, Bitwise’s Chief Investment Officer, Matt Hougan, highlighted Chainlink’s oracle infrastructure as a key connector between blockchains and real-world data.

“Chainlink provides the essential oracle infrastructure that fills this gap, driving risk management and financial decision-making necessary for mass adoption,” he said. “With CLNK, investors now have a new way to invest in this fundamental layer of the blockchain economy.”

The fund, traded under the ticker CLNK, will offer investors zero fees for the first three months of trading on the first US$ 500 million in assets. This is similar to the promotional fee waiver used by another platform, the Grayscale Chainlink Trust ETF.

After the promotion ends, CLNK will charge a fee of 0.34% — slightly lower than Grayscale’s 0.35%.

Chainlink Funds

Grayscale’s LINK fund is traded under the ticker GLNK and began trading as a spot ETF in December. Like many of the company’s funds, GLNK existed as a closed-end trust before being converted into a spot ETF. Therefore, although the creation date is February 2021, the shares only became available to the general public six weeks ago. Since launch, the fund’s assets under management have grown to US$ 87 million.

In other markets, exchange-traded products based on LINK have been available in Europe for several years. The 21Shares Chainlink ETP was first listed in January 2022, and the Global X Chainlink ETP was launched in March 2023.

What is Chainlink (LINK)?

Chainlink is a decentralized network of oracles that connects smart contracts on blockchains to data and systems in the real world. More than 70 blockchain ecosystems are compatible with Chainlink, including Ethereum, Avalanche, Polygon, and BNB Chain. Through these integrations, over 1,600 projects are expected to use Chainlink technology by 2025.

Bitwise CEO Hunter Horsley stated that Chainlink “has been tirelessly executing” since its launch eight years ago. “Building the behind-the-scenes infrastructure needed to bring the world to blockchains,” he added. “They dominate their category, and we believe this is just the beginning.”