The Trust completed its organizational and registration activities in 2025, issued seed capital shares to its Sponsor affiliate, and commenced investment operations in January 2026.

• On October 22, 2025, Bitwise Asset Management, Inc., the Sponsor's parent company, purchased 8 Seed Shares at $25 per share, totaling $200, as initial capital for the Trust in a private transaction exempt from registration under Section 4(a)(2) of the Securities Act [S1].
• The Trust commenced investment operations on January 13, 2026, following organizational and registration activities completed in 2025 [S1].
• The Trust's shares began trading on NYSE Arca under ticker CLNK on January 14, 2026 [S1].
• As of December 31, 2025, the Trust held $200 in cash from the seed capital and had no other assets or liabilities [S1].
• The Sponsor has agreed to pay all ordinary operating expenses and waived the Sponsor Fee on the first $500 million of assets through April 13, 2026 [S1].

The Trust offers investors a regulated, exchange-listed vehicle to gain exposure to Chainlink, potentially attracting demand from institutional and retail investors seeking crypto asset diversification. The Sponsor's management and marketing capabilities may facilitate growth in assets under management. The fee waiver on initial assets may enhance cost competitiveness. The Trust's transparent valuation and operational structure support investor trust and market liquidity.

The Trust's value is highly dependent on the price and market acceptance of Chainlink, which is subject to significant volatility and regulatory risks. The Trust's early stage of operations and limited asset base may constrain liquidity and market depth. Conflicts of interest due to affiliated service providers and the Sponsor's discretion in fee waivers may pose governance risks. The absence of distributions and reliance on Chainlink price appreciation may limit appeal to income-focused investors.

The Trust's moat derives from its status as an exchange-traded product providing direct exposure to Chainlink cryptocurrency, a niche asset class with limited alternative investment vehicles. Its listing on a major exchange (NYSE Arca) and management by an established asset manager (Bitwise) provide operational credibility and market access. The Trust's structure as a grantor trust with transparent valuation policies and regulatory compliance supports investor confidence. However, the moat is limited by the inherent volatility and regulatory uncertainties of the underlying crypto asset and the availability of competing investment products.

• Market Risk: The Trust's assets are concentrated in Chainlink cryptocurrency, exposing it to significant price volatility and market fluctuations that can materially affect the value of Shares.
• Regulatory Risk: The regulatory environment for crypto assets and related investment products is evolving and may impact the Trust's operations, valuation, and investor demand.
• Operational Risk: As a newly established Trust, operational execution risks exist including marketing effectiveness, liquidity management, and compliance with regulatory requirements.
• Conflict of Interest Risk: The Sponsor and affiliated service providers may have conflicts of interest that could affect decision-making and allocation of resources to the Trust.
• Liquidity Risk: Limited initial asset base and trading volume may result in reduced liquidity and potential premium/discount volatility relative to NAV.

• Bitwise Chainlink ETF is an investment trust organized under Delaware law with a Trust Agreement dated November 17, 2025.
• The Trust's primary investment objective is to provide exposure to the value of Chainlink held by the Trust, less expenses, primarily the sponsor's management fee.
• The Trust's sole asset is Chainlink cryptocurrency.
• The Trust is an Exchange Traded Product (ETP) issuing common shares listed on NYSE Arca under ticker symbol CLNK, commencing trading on January 14, 2026.
• Bitwise Investments Advisers, LLC, a wholly-owned subsidiary of Bitwise Asset Management, Inc. (BAM), serves as the Sponsor responsible for creation, registration, marketing, and management of the Trust.
• The Sponsor has agreed to pay all operating expenses except litigation and extraordinary expenses out of its unified management fee.
• The Trust had no operations other than organizational and registration matters during the period ended December 31, 2025.
• On October 22, 2025, BAM purchased 8 Seed Shares at $25 per share, totaling $200, which were the only shares issued as of December 31, 2025.
• The Trust held $200 in cash as of December 31, 2025, relating to the Seed Shares proceeds.
• The Trust did not purchase or sell any Chainlink or other assets during the period ended December 31, 2025, and had no revenue, capital gains, losses, or expenses during that period.
• The Trust commenced investment operations on January 13, 2026.
• The Sponsor Fee is 0.34% per annum of the Trust's Chainlink holdings, waived on the first $500 million of assets through April 13, 2026.
• The Sponsor Fee is paid monthly in Chainlink and the Sponsor assumes all ordinary expenses including trustee fees, service provider fees, listing fees, SEC fees, audit fees, and ordinary legal expenses.
• The Trust does not hold significant cash balances except for creation/redemption or to pay expenses not assumed by the Sponsor.
• The Trust will not borrow to meet liquidity needs and expects immaterial cash flow from operations.
• Shares are created and redeemed in blocks of 10,000 Shares at NAV, either in-kind with Chainlink or cash, only with Authorized Participants who are registered broker-dealers or exempt from registration.
• As of December 31, 2025, BAM owned 100% of the outstanding Shares of the Trust.
• The Trust has no board of directors and is managed by the Sponsor and its affiliates.
• There are no current or pending legal proceedings or regulatory trading suspensions affecting the Trust or Sponsor.
• The Trust is classified as a grantor trust for U.S. federal income tax purposes, with income and expenses flowing through to shareholders.
• The Trust's financial statements are prepared in accordance with U.S. GAAP and audited by KPMG LLP, with an unqualified opinion as of December 31, 2025.
• The Trust's valuation of Chainlink uses Level 1 inputs from principal markets and third-party vendors as per ASC Topic 820.
• The Trust has no off-balance sheet financing arrangements or loan guarantees as of December 31, 2025.
• The Trust's only ordinary expense is the Sponsor Fee, and the Sponsor has waived fees until April 13, 2026, on the first $500 million of assets.
• The Trust's shares are held by brokers and institutions on behalf of shareholders, with one record holder of record as of December 31, 2025.
• The Trust made no distributions to shareholders during the period ended December 31, 2025, and has no obligation to make periodic distributions.
• The Trust's Sponsor may engage affiliated service providers, which may create conflicts of interest, but the Sponsor will not knowingly favor other clients over the Trust.
• The Trust's Sponsor has agreed to devote sufficient time and resources to manage the Trust consistent with fiduciary duties.