Bitwise Chainlink ETF
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 12, 2026
CLNK$19.68+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-214104
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001193125-26-346239
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 40 previous paragraphs and 48 current paragraphs.
32 unchanged; 8 reworded; 6 added; 0 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Three months ended June 30, 2026*
Current report
Six months ended June 30, 2026*
Current report
No material changes have occurred during the period from January 13, 2026 (commencement of operations) through June 30, 2026.
Current report
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below is a summary of accounting policies on cash, investment valuation and investment company considerations. There were no material estimates involving a significant level of estimation uncertainty that had or are reasonably likely to have had a material impact on the Trust’s financial condition used in the preparation of the financial statements. In addition, please refer to Note 2 to the Financial Statements included in this report for further discussion of the Trust’s accounting policies.
Current report
Cash
Current report
Generally, the Trust does not intend to hold any cash. Cash includes non-interest-bearing unrestricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.
Reworded paragraphs (8)
Previous wording
For the Period from January 13, 2026 (commencement of operations) to March 31, 2026*
Current wording
For the three months ended June 30, 2026 and for the period from January 13, 2026 (commencement of operations) to June 30, 2026*
Previous wording
Net assets in the above table are calculated in accordance with U.S. GAAP based on the principal market price for Chainlink that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
Current wording
Net assets in the above table are calculated in accordance with U.S. GAAP based on the principal market price for Chainlink that the Trust considered its principal market, as of 4:00 p.m. ET on the valuation date.
Previous wording
During the period ended March 31, 2026, the Trust's net assets increased from $200 on January 13, 2026 (commencement of operations) to $15,481,264 on March 31, 2026. The increase in the Trust's net assets resulted primarily from additions of approximately 1,766,259 Chainlink with a value of $18,323,320 in connection with Share creations during the period. For the period, there were no dispositions of Chainlink to pay the Sponsor Fee or for the redemption of Shares.
Current wording
During the period ended June 30, 2026, the Trust's net assets increased from $200 on January 13, 2026 (commencement of operations) to $19,912,357 on June 30, 2026. The increase in the Trust's net assets resulted primarily from additions of approximately 2,767,457 Chainlink with a value of $27,313,237 in connection with Share creations during the period. Additions were partially offset by dispositions by the Trust of approximately (1,051) Chainlink to pay the Sponsor Fee with a value of $(9,483) during the period.
Previous wording
Net realized and change in unrealized loss on investment in Chainlink for the three months ended March 31, 2026 was $(2,842,056), which included a change in unrealized depreciation on investment in Chainlink of $(2,842,056). There were no realized gains or losses for sales of Chainlink for the redemption of Shares or for the transfer of Chainlink to pay the Sponsor Fee. Net realized and change in unrealized loss on investment in Chainlink for the period resulted primarily from Chainlink price depreciation from $13.73 on January 13, 2026 (commencement of operations) to $8.77 on March 31, 2026. Net decrease in net assets resulting from operations for the three months ended March 31, 2026 was $(2,842,056), which consisted solely of the net realized and unrealized loss on investment in Chainlink. The Sponsor fee of $(6,981) was waived in its entirety for the period, as the Sponsor has agreed to waive the entire Sponsor Fee on the first $500 million of Trust assets for the three-month period starting on January 14, 2026, the day the Shares were initially listed on the Exchange, through April 13, 2026.
Current wording
Net realized and change in unrealized loss on investment in Chainlink for the six months ended June 30, 2026 was $(7,386,630), which included a realized gain of $1,003 on the transfer of Chainlink to pay the Sponsor Fee, and a change in unrealized depreciation on investment in Chainlink of $(7,386,633). There were no realized gains or losses for sales of Chainlink for the redemption of Shares. Net realized and change in unrealized loss on investment in Chainlink for the period resulted primarily from Chainlink price depreciation from $13.73 on January 13, 2026 (commencement of operations) to $7.20 on June 30, 2026. Net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $(7,400,880), which consisted of net realized and unrealized loss on investment in Chainlink less the Sponsor fee of $(24,135) of which $8,885 was waived. For the period January 13, 2026 (commencement of operations) through June 30, 2026, the Sponsor has agreed to waive the entire Sponsor Fee on the first $500 million of Trust assets for the three-month period starting on January 14, 2026, the day the Shares were initially listed on the Exchange, through April 13, 2026.
Previous wording
As of March 31, 2026, the Trust held a net closing balance of 1,766,259.4192 Chainlink with a total market value of $15,489,071 based on the LINKUSD_NY price of $8.76942, used to determine the Trust's NAV. The total market value of the Trust's Chainlink held was $15,481,264 based on the price of Chainlink (Lukka Prime Rate) in the principal market (Coinbase) of $8.765, used to determine the Trust's Principal Market NAV.
Current wording
As of June 30, 2026, the Trust held a net closing balance of 2,766,406.1198 Chainlink with a total market value of $19,915,330 based on the LINKUSD_NY price of $7.20, used to determine the Trust's NAV. The total market value of the Trust's Chainlink held was $19,918,124 based on the price of Chainlink (Lukka Prime Rate) in the principal market (Coinbase) of $7.20, used to determine the Trust's Principal Market NAV.
Previous wording
Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of Chainlink traded on each Digital Asset Market. For the period ended March 31, 2026, this sort was performed for Digital Asset Markets for the period mid-February through mid-March 2026.
Current wording
Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of Chainlink traded on each Digital Asset Market. For the six months ended June 30, 2026, this sort was performed for Digital Asset Markets for the period mid-May through mid-June 2026.
Previous wording
At March 31, 2026, the principal market and the principal market price for Chainlink, which is composed of the majority of the Trust’s assets as of March 31, 2026, was Coinbase with a price of $8.77.
Current wording
At June 30, 2026, the principal market and the principal market price for Chainlink, which is composed of the majority of the Trust’s assets as of June 30, 2026, was Coinbase with a price of $7.20.
Previous wording
The cost basis of the Chainlink received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Chainlink at 4:00 p.m., New York time, on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.
Current wording
The cost basis of the Chainlink received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Chainlink at 4:00 p.m. ET on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
During the period ended June 30, 2026, the Trust's net assets increased from $15,481,264 on March 31, 2026 to $19,912,357 on June 30, 2026. The increase in the Trust's net assets resulted primarily from additions of approximately 1,001,198 Chainlink with a value of $8,989,917 in connection with Share creations during the period. Additions were partially offset by dispositions to the Trust of approximately (1,051) Chainlink to pay the Sponsor Fee with a value of $(9,483) during the period.
Current report — wording carried from elsewhere
Net realized and change in unrealized loss on investment in Chainlink for the three months ended June 30, 2026 was $(4,543,574), which included a realized gain of $1,003 on the transfer of Chainlink to pay the Sponsor Fee, and a change in unrealized depreciation on investment in Chainlink of $(4,544,577). There were no realized gains or losses for sales of Chainlink for the redemption of Shares. Net realized and change in unrealized loss on investment in Chainlink for the period resulted primarily from Chainlink price depreciation from $8.77 on March 31, 2026 to $7.20 on June 30, 2026. Net decrease in net assets resulting from operations for the three months ended June 30, 2026 was $(4,558,824), which consisted of the net realized and unrealized loss on investment in Chainlink less the Sponsor fee of $(17,154) of which $1,904 was waived.