In Brief

• Chainlink trader ARiHBARi says that a LINK ETF could soon launch, given that 21Shares holds 693,639 tokens and sells to institutions.
• 21Shares recently integrated Chainlink’s proof-of-reserves technology to attest to the assets it holds to collateralize Bitcoin ETFs.
• In the meantime, Chainlink CEO Sergey Nazarov envisions a post-ETF financial world, where banks will look to tokenize older products.

On-chain analysts predict a new Chainlink (LINK) exchange-traded fund (ETF) will soon launch. LINK tokens are accruing utility in the tokenization space as companies move beyond blockchain ETFs into real-world asset tokenization.

One analyst has pointed out that the use of LINK by ARK Invest to prove its Bitcoin holdings may be a sign a new ETF is imminent.

How Chainlink Could Get an ETF

ARK’s ETF partner, 21 Shares, currently holds 693,639 LINK tokens. The ETF provider offers these tokens to institutional investors, meaning the company already has a market for a Chainlink ETF. 21Shares is the largest crypto ETF provider in the world, according to ARK CEO Cathie Wood.

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Moreover, 21Shares integrated Chainlink’s Proof of Reserves to attest to its Bitcoin holdings for the Ark 21Shares Bitcoin ETFs. External data providers are paid with LINK to provide accurate data about ARK’s Bitcoin holdings. Therefore, the ETFs of other cryptos can be secured through LINK rewards, creating a new use case for the token.

The new demands have been reflected in the increasing price of LINK. On February 12, 2024, LINK hit a yearly high of $20, while Grayscale Chainlink Trust tracking the price of LINK recently hit $125.

Grayscale, the operator of the Trust, was a first-mover in the crypto ETF space, launching the first vehicle for institutions to trade Bitcoin in a regulated way. The company has also applied to convert its Ethereum Trust into an ETF. Therefore, it could be the first firm to offer a fund that tracks the price of LINK directly.

Grayscale did not respond to a request for information on a possible Chainlink ETF at the time of publication.

Tokenization Creates Demand for LINK

LINK’s price could increase further as institutions look beyond ETFs to blockchain tokenization. Chainlink’s CEO Sergei Nazarov recently told Bloomberg that institutions will create a unique token economy after the crypto ETF mania.

“Banks are basically going to do another wave of securitization, but now it’s going to be called tokenization, and the massive amount of things that can be tokenized extends from their core business of money market funds [and] interest-bearing assets, to the more cutting edge things, like carbon credits, real estate, private equity tokenization,” Nazarov said.

Chainlink’s oracles are external data feeds that provide real-world data to blockchain infrastructure. In the case of tokenized assets, they can ensure that a bank has the required collateral to back up any assets it issues on-chain.

Each oracle charges a fee denominated in LINK that data requesters must pay. The requester can petition one or several oracles to provide prices for their data. A more decentralized option generally ensures a robust and accurate data feed.