Bitwise Chainlink ETF

What they do

The Trust issues common shares of beneficial interest that trade under the ticker CLNK on NYSE Arca. It holds Chainlink and values its net assets daily by reference to the CME CF Chainlink-Dollar Reference Rate - New York Variant, a benchmark published by CF Benchmarks Ltd. that aggregates trade flow from major Chainlink trading platforms. Coinbase Custody Trust Company, LLC serves as custodian for the Trust's Chainlink holdings. The Trust does not use derivatives and, as of the filings, does not engage in staking.

Revenue drivers

• Chainlink price exposure — The Trust's primary investment objective is to provide exposure to the value of Chainlink held by the Trust, less expenses and liabilities; its returns and net asset value are driven by Chainlink's market price as measured by the Pricing Benchmark.
• Share creation and redemption — The Trust issues and redeems Shares in baskets tied to its Chainlink holdings; the filings describe a continuous public offering of Shares but do not break out creation/redemption-based revenue.
• Staking (planned, not active) — The Trust states it does not currently engage in staking but intends to conduct staking as a secondary investment objective at a future date, with the goal of deriving additional Chainlink; no staking revenue is reported today.

Recent performance

The Trust's shares were listed on the Exchange on January 14, 2026. At June 30, 2026, the latest balance sheet reported total assets of $19.9 million and total liabilities of $5,767. The filings do not present revenue, net income, or NAV figures in the excerpts provided, so no earnings or return comparison can be given.

Strategy

The Trust's stated primary objective is to seek exposure to the value of Chainlink held by the Trust, less expenses of operations and other liabilities. It establishes NAV daily using the CME CF Chainlink-Dollar Reference Rate - New York Variant. The Trust states it does not use derivatives and does not currently stake. At a future date, the Trust intends to conduct staking as a secondary investment objective, with the Sponsor selecting one or more Staking Agents to operate node infrastructure for staked Chainlink.

Risks

• Chainlink price volatility — The Trust's net asset value is tied directly to the market price of Chainlink, a digital asset whose value can be highly volatile.
• Custody concentration — All of the Trust's Chainlink is held by a single custodian, Coinbase Custody Trust Company, LLC, which is not FDIC-insured but carries private insurance.
• No current staking; future staking risk — The Trust does not currently engage in staking, and its stated intention to do so in the future introduces operational and participation risks through third-party Staking Agents.
• Regulatory and structural differences from conventional assets — The filings describe Chainlink ownership as fundamentally different from stocks or bonds, with no claim on profits or income, and the Trust is subject to the risks applicable to exchange-traded digital asset products.

Outlook

The Trust's registration statement for its continuous public offering was declared effective January 7, 2026, and its shares began trading on NYSE Arca on January 14, 2026. Management's stated forward-looking aim is to maintain exposure to Chainlink's value and, at a future date, to conduct staking as a secondary investment objective. The filings caution that forward-looking statements depend on assumptions and actual results may differ materially. No specific financial guidance is given.