Bitwise Chainlink ETF Beneficial Interest

The CLNK fund offers investors direct exposure to the Chainlink digital asset by holding the cryptocurrency itself, rather than utilizing futures contracts or other derivative instruments. Chainlink is a decentralized blockchain network primarily designed to connect smart contracts with external, real-world data via specialized oracle services, thereby enabling a broad spectrum of on-chain applications. The trust's net asset value is computed daily using the CME CF Chainlink-Dollar Reference Rate New York Variant, which reflects Chainlink's (LINK) US dollar valuation based on aggregated trading activity across leading platforms. Its shares are structured to provide access to Chainlink through a conventional exchange-traded vehicle, allowing investors to circumvent the operational and custodial complexities typically associated with directly acquiring and managing the asset. This trust operates under passive management, with Chainlink as its exclusive digital asset holding, and does not employ leverage or hedging strategies. While staking is not currently part of its operations, the trust may incorporate it as a secondary objective in the future, pending regulatory considerations.