Bitwise Sets Stage for Uniswap ETF as DeFi Eyes Wall Street

Bitwise has taken a key step toward launching a potential Uniswap ETF by registering a statutory trust in Delaware, signaling growing institutional interest in decentralized finance.

Key Takeaways

• Bitwise registered a Delaware trust for a potential Uniswap ETF, a move signaling early-stage readiness though no SEC filing has been made.
• The trust structure mirrors processes used for previous digital asset funds, aligning with common ETF pre-launch procedures.
• Regulatory clarity following the SEC’s closure of its Uniswap Labs probe in 2025 has improved the outlook for DeFi-related investment products.
• Market analysts see a potential price rebound for UNI, as sentiment data suggests retail pessimism may be near exhaustion.

What Happened?

Bitwise, a leading crypto asset manager, has formed a Delaware-based legal entity named the Bitwise Uniswap ETF Trust. While this does not mean an ETF has been filed with the SEC, it is a widely recognized precursor to a potential submission. The move has reignited interest in DeFi and raised expectations that traditional finance may soon offer more regulated exposure to decentralized protocols like Uniswap.

Bitwise’s Strategic Move Toward a Uniswap ETF

Bitwise’s registration of the Uniswap ETF trust in Delaware is a strong signal of intent, even if no federal filing has been made yet. Delaware is a popular jurisdiction for launching financial trusts due to its legal flexibility and corporate-friendly framework. Bitwise has used similar pathways for its previous digital asset funds, so this filing continues a well-established pattern.

While not binding, the creation of the trust indicates operational preparedness. According to analysts, it suggests that Bitwise is aligning its legal and compliance infrastructure in anticipation of a future filing, once regulatory conditions become favorable.

Market Context and Investor Sentiment

This development comes at a time of volatile fund flows in crypto markets. Bitcoin and Ethereum ETFs recently experienced major outflows, while select altcoins like UNI showed resilience. At the time of reporting, UNI trades around $4.84 with daily volume near $146 million, although this volume had declined slightly.

Notably, sentiment data from Santiment revealed unusually high levels of negative commentary around UNI, which often signals contrarian buying opportunities. Retail selling pressure may be easing, opening the door for a short-term rebound.

Despite these fluctuations, Uniswap continues to be one of the most active decentralized exchanges by volume, recently processing over $859 million in daily trades. Its high on-chain liquidity makes it a strong candidate for an ETF, provided regulators find the structure viable.

Regulatory Backdrop and ETF Feasibility

A major development shaping this narrative is the SEC’s closure of its investigation into Uniswap Labs in February 2025, removing a key overhang that had previously cast uncertainty on the platform’s regulatory status. This shift has allowed ETF hopefuls like Bitwise to focus on more technical aspects, such as pricing reliability, custody structures, and smart contract risks.

However, challenges remain. Regulators are still assessing the decentralization levels of protocols like Uniswap and whether their governance models ensure adequate investor protections. Additionally, questions around DAO independence have resurfaced after Uniswap Labs launched Unichain and later merged with the Uniswap Foundation via a governance vote in late 2025.

Institutional Interest in DeFi Is Growing

The ETF trust has already sparked renewed interest in Uniswap across both retail and institutional channels. Investors increasingly view such filings as early indicators of legitimacy and future growth, especially given Bitwise’s history of navigating complex regulatory environments.

The ETF could dramatically lower the barrier for mainstream investors to access DeFi, offering exposure without the risks tied to wallets or smart contracts. A successful launch would mark a major step in validating DeFi as a legitimate asset class.

CoinLaw’s Takeaway

In my experience tracking crypto regulatory moves, this feels like more than just a paper formality. Bitwise doesn’t waste time on placeholder filings. I see this as a calculated step that leverages the momentum created by Bitcoin and Ethereum ETF approvals. The market’s emotional response to ETFs often outweighs technical progress, but here we have both lining up. If you’ve been ignoring DeFi lately, now might be a good time to look again. This could be the start of something bigger for Uniswap and DeFi as a whole.

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