The Bitwise Chainlink ETF (CLNK) is an exchange-traded product that gives investors exposure to Chainlink (LINK) tokens through a standard brokerage account, without requiring them to buy or store the digital asset directly. Chainlink is a digital asset that serves as the payment token for the Chainlink Network, a decentralized oracle network built on Ethereum that supplies real-world data — such as price feeds and event data — to smart contracts. The Trust holds only Chainlink tokens and is passively managed by Bitwise Investment Advisers; it does not trade Chainlink actively. Shares are listed on NYSE Arca, and the Trust values its holdings daily using the CME CF Chainlink-Dollar Reference Rate. Coinbase Custody Trust Company holds the Chainlink in cold storage, while BNY Mellon serves as administrator and cash custodian. The Trust generates revenue by charging a Sponsor Fee of 0.34% per annum of Chainlink holdings, which accrues daily and is paid monthly in Chainlink tokens, gradually reducing the amount of Chainlink per share over time. The fee scales with AUM, rising as either Chainlink's price increases or new investors buy in. Bitwise waived the Sponsor Fee on the first $500M of assets for the first three months post-listing. Shares are created and redeemed only in 10,000-share blocks through Authorized Participants, either in-kind or in cash, while retail investors transact on the secondary market. The Trust may eventually stake some Chainlink holdings to earn additional token rewards, which would partially offset the dilutive effect of the Sponsor Fee.