This Spot Bitcoin ETF Announced Chainlink Integration: Price Impact

8 months ago 16

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Ark Invest and 21Shares have revealed the decision to harness Chainlink’s Proof of Reserve platform for the ARK 21Shares Bitcoin ETF (ARKB).

Announced Wednesday, the Chainlink integration aims to provide investors with real-time, verifiable insights into the ETF’s holdings.

Chainlink Price Surges 7.8% Following Bitcoin ETF Integration

Integrating Chainlink’s Proof of Reserve, Ark Invest, and 21Shares is pioneering a path toward bolstering investor confidence. Ophelia Snyder, co-founder and president at 21Shares, highlighted the significance of this move.

“This collaboration allows us to offer an unmatched level of insight and safety for our investors’ holdings for ARKB,” Snyder said.

Amidst this revelation, Chainlink (LINK) witnessed a notable increase, surging over 7.8% almost immediately. It went from trading at $19.41 to reach a high of $20.93.

Since its launch on January 11, ARKB has quickly risen to prominence among spot Bitcoin ETFs, securing 33,274 BTC and managing assets worth over $1.8 billion. This places ARKB as the third-largest fund of its kind, only behind Fidelity’s Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT).

Read more: What Is a Bitcoin ETF?

Subsequently, this development echoes a preceding initiative by Bitwise, another front-runner in the spot Bitcoin ETF market. Earlier in January, Bitwise set a precedent by revealing its digital wallet address, making its holdings and flows publicly visible. This gesture of transparency was well-received, drawing praise from industry insiders and the broader crypto community.

Bitwise also pledged to donate 10% of its spot Bitcoin ETF profits back into the industry. Therefore, it signifies a commitment to the sector’s growth and sustainability.

The post This Spot Bitcoin ETF Announced Chainlink Integration: Price Impact appeared first on BeInCrypto.

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