Chainlink ETF Nears Launch as Bitwise and Grayscale Ignite a New Phase of Crypto Integration
Bitwise’s spot Chainlink Exchange-Traded Fund (ETF) has edged closer to reality, appearing on the Depository Trust and Clearing Corporation (DTCC) registry — an early signal that the fund could officially launch soon. Listed under the ticker CLNK, the ETF has been added to DTCC’s “active” and “pre-launch” categories, a move often considered a strong indicator of imminent approval, though it does not guarantee the green light from the SEC.
The DTCC listing — a quiet drumbeat before the launch
The DTCC plays a pivotal role in post-trade market operations, ensuring that financial instruments — from stocks to ETFs — are processed securely and efficiently. The appearance of Bitwise’s Chainlink ETF on its active roster signals operational readiness for the product once regulatory approval is granted.
Historically, DTCC listings precede final SEC approvals by days or weeks, suggesting that Bitwise’s application is moving through the final stages of compliance review. However, unlike some previous ETF milestones, the crypto sector remains in a holding pattern as the US government shutdown has restricted the SEC’s pace of decision-making.
Bitwise has not yet filed its Form 8-A — the document required to formally register securities on a national exchange — one of the final procedural steps before a trading debut. The company’s Form S-1, lodged in August, outlines the fund’s primary goal: to track the market performance of Chainlink (LINK), the token that powers Chainlink’s decentralised oracle network.
Chainlink: powering smart contracts through real-world data
Chainlink has become a critical component in the decentralised finance (DeFi) ecosystem, supplying reliable off-chain data to blockchain applications. Its core innovation — decentralised oracles — connects smart contracts to external datasets like market prices, weather information, and event outcomes.
By proposing an ETF to mirror the performance of LINK, Bitwise seeks to open a gateway for traditional investors to gain exposure to one of DeFi’s most established infrastructures without directly holding the token themselves. This reflects a broader institutional trend of bridging conventional markets with blockchain-based assets.
As one of the sector’s most active managers, Bitwise already has products tracking Bitcoin, Ethereum, and other digital assets. The introduction of CLNK enhances its reputation for creating accessible, regulated vehicles that align with growing institutional and retail interest in the crypto market.
Rivalry brewing: Grayscale joins the Chainlink ETF race
Bitwise is not alone in the race to launch a Chainlink ETF. Grayscale Investments, a US-based crypto asset management giant, is advancing a similar proposal. However, Grayscale’s ETF design, which includes a staking feature, may prompt greater regulatory scrutiny due to the SEC’s ongoing caution around yield-generating mechanisms in digital asset funds.
Grayscale’s approach aligns with its long-term push to integrate more functionality into crypto-linked financial products. Yet the inclusion of staking adds an additional layer of complexity at a time when the regulator is refining its framework for distinguishing between investment and security-like behaviours within blockchain protocols.
For prospective investors and blockchain enthusiasts, the competition between Bitwise and Grayscale represents a broader shift — one that underscores crypto’s encroachment into the core of traditional portfolio diversification strategies. As the industry matures, ETFs like these are no longer novel; they’re becoming essential entry points for conservative institutions seeking measured risk exposure.
Regulatory bottlenecks amid government shutdown
Despite the momentum, Washington’s prolonged government shutdown has slowed ETF approvals across the cryptocurrency spectrum. On day 42 of the temporary federal closure, the SEC has functioned at limited capacity, delaying reviews of multiple pending filings — including several for Bitcoin and Ethereum-linked products.
The shutdown is expected to conclude shortly following the Senate’s recent approval of a funding bill. Market participants anticipate that once regular operations resume, the SEC will accelerate its review of pending crypto ETF proposals under its updated procedural framework.
This bureaucratic pause hasn't deterred asset managers from filing. In fact, institutional interest has widened to include ETFs tracking altcoins such as Solana (SOL), Dogecoin (DOGE), Aptos (APT), Avalanche (AVAX), and Hedera (HBAR). Analysts see this expansion as an effort to capture surging investor appetite for more diversified crypto exposure — even as volatility remains a defining characteristic of the market.
For a closer look at recent ETF filings and their regulatory implications, see 21Shares' bid to launch a US spot DeFi ETF.
Shifting tides in SEC approval criteria
In a quietly transformative move, the SEC introduced new generic listing standards for cryptocurrency-linked ETFs on 17 September — enabling exchanges to list certain digital asset products without requiring the regulator’s case-by-case approval.
Although the timing of this reform was overshadowed by the onset of the federal shutdown less than two weeks later, it signals a legislative pivot that could streamline the process for launching spot crypto ETFs across various asset classes. Under these new conditions, once normal operations resume, more rapid market integration may follow.
The new framework could also alter the composition of financial services teams. Regulatory easing often breeds a surge in investment activity — and with it, demand for niche expertise. Crypto lawyers, compliance analysts, and crypto recruiters are expected to see a rise in mandates as asset managers position for compliance with evolving standards.
According to Spectrum Search’s earlier coverage, the approval of spot Bitcoin ETFs had already sparked a wave of blockchain recruitment activity — a pattern likely to recur if Chainlink or other DeFi-linked ETFs enter trading markets.
From markets to manpower: the ripple effect of ETF evolution
The movement towards mainstream crypto ETFs is more than a financial milestone — it’s a workforce transformation. Each product launch triggers a ripple through the web3 recruitment ecosystem, generating demand for specialists across compliance, smart contract auditing, exchange infrastructure, and digital asset custody.
With Bitwise’s CLNK ETF nearing potential approval, firms across the sector are re-evaluating their hiring pipelines. A successful listing would likely fuel hiring surges for:
- DeFi protocol analysts — to interpret performance data of oracle networks like Chainlink;
- Blockchain security engineers — ensuring accurate tracking and risk management of underlying assets;
- Web3 compliance experts — managing ETF disclosure standards under upcoming SEC frameworks;
- Crypto marketing specialists — adept at translating blockchain concepts for institutional investors.
“If ETFs bring credibility, talent brings capability,” notes an executive at a London-based crypto investment firm. “Each regulatory step forward accelerates the professionalisation of our industry — not just financially, but operationally.”
Chainlink’s rise amplifies institutional credibility
Beyond the immediate ETF buzz, Chainlink’s inclusion in traditional investment vehicles signals a key recognition moment for decentralised infrastructure. Once seen as niche middleware, Chainlink’s oracle technology is now integral to sectors spanning DeFi, gaming, and digital identity solutions.
This evolution mirrors the blockchain industry’s broader maturation — a shift from speculative enthusiasm to institutional credibility. As more products track ecosystem-enabling tokens rather than simply currency assets, the focus of blockchain talent acquisition is changing accordingly. Recruitment priorities are moving from raw developer numbers to cross-discipline capability — individuals who understand not only code, but compliance, architecture, and economics.
As the spotlight turns to Bitwise’s CLNK and its competitors, the next few weeks could mark a transformative chapter for both market access and workforce evolution in crypto.