SEC Greenlights ProShares’ LINK ETF—Or Did They? The Murky Truth Behind Crypto Fund Approvals

Another day, another ’breakthrough’ crypto ETF announcement—but hold the champagne. ProShares’ Chainlink (LINK) trust filing sparked cheers until the fine print revealed the SEC’s actual stance: crickets.

Here’s what happened: ProShares Trust (the same shop behind Bitcoin’s first futures ETF) filed paperwork for a LINK-based fund. Cue headlines screaming ’APPROVAL!’—except the SEC merely acknowledged receipt. Classic ’buy the rumor’ theater.

Why it matters: After spot Bitcoin ETFs drained $12B from crypto funds last quarter, issuers are desperate for the next hype cycle. LINK’s 80% rally since January suggests traders are biting—regulators be damned.

The punchline? Until Gary Gensler personally stamps a filing, assume every ’approved’ crypto product is just another Wall Street IOU. Remember when they swore Bitcoin futures would tame volatility? Peppridge Farm remembers.