Bitwise Takes First Step Toward Uniswap ETF

Bitwise Asset Management is making its first move toward launching a potential Uniswap-linked exchange-traded fund (ETF) by registering a Delaware statutory trust named Bitwise Uniswap ETF.

The filing signals preparation and positioning in what could become a landmark product connecting one of the largest decentralized finance (DeFi) protocols with mainstream institutional investment vehicles.

The registration does not yet mark a formal filing with the U.S. Securities and Exchange Commission (SEC), nor has Bitwise disclosed a timeline for a public filing or review. Market watchers see this as a deliberate placeholder, an early step that creates the legal framework necessary for a future ETF application. At the same time, regulatory uncertainty and structural questions remain key factors in whether and when such a product advances.

Legal Move Signals Intent, Not Approval

Bitwise has formally registered a Delaware statutory trust under the name Bitwise Uniswap ETF, a common pre-filing move in the world of investment products and ETFs. This type of trust establishes the legal container that would eventually hold assets if Bitwise proceeds with a formal ETF filing. In past filings for spot crypto ETFs, Bitwise took similar steps months before submitting applications to the SEC.

Analysts describe this as strategic groundwork rather than a guarantee of an ETF launch. “Statutory trust registrations are usually placeholders,” one market observer said, noting that such trusts sometimes exist for long periods without ever leading to an active SEC review or eventual product rollout.

Despite the early positioning, Bitwise has not submitted a formal registration statement with the SEC for the Bitwise Uniswap ETF. That means the SEC is not currently reviewing a Uniswap ETF proposal and no timetable has been communicated publicly by Bitwise or regulators.

Easing Regulatory Pressure After SEC Probe

The timing of Bitwise’s move follows a major shift in regulatory context for Uniswap and its founding company, Uniswap Labs. The SEC launched an investigation into Uniswap Labs in 2024, focusing on whether the protocol and team had violated securities laws. In 2025, the SEC closed its investigation, ending scrutiny on the company itself and redirecting attention toward broader questions of how DeFi protocols might interact with existing regulatory frameworks.

This closure has encouraged industry participants and investors to rethink the possibilities for regulated financial products tied to decentralized assets and protocols. With the regulatory spotlight easing slightly, market participants see room for new institutional avenues of access, not just for spot tokens but potentially ETF-style products that could bridge decentralized assets and traditional capital markets.

Uniswap’s native token, $UNI, has been trading with growing interest from institutional buyers who view the token as a core piece of the DeFi ecosystem. If an ETF for $UNI or a product tied to the Uniswap protocol advances, it could provide broader access to the token for investors who prefer regulated vehicles over direct holdings on crypto exchanges.

What a Uniswap ETF Could Mean for Markets

An ETF tied to Uniswap or the $UNI token would represent a significant evolution in how decentralized finance intersects with traditional financial markets. ETFs are among the most popular investment products for institutions and retail investors alike due to their regulated structures, daily liquidity, and transparency.

Currently, most exposure to tokens like $UNI is gained through crypto exchanges or decentralized wallets, environments that some institutions and risk-averse investors avoid due to custody and compliance challenges. An ETF could open the door for:

• Broader institutional participation in tokens like $UNI
• Reduced barriers to entry for traditional investors
• Regulated marketplaces for price discovery and investment flows
• Enhanced credibility for DeFi assets in mainstream finance

However, crucial questions remain. Regulators are still focused on issues such as custody, who holds the underlying assets and how they are protected, as well as liquidity and market structure. These concerns have been central to the SEC’s approach to crypto ETFs, particularly for products tied to tokens that trade primarily on decentralized venues rather than regulated exchanges.

Market Reaction and Analyst Views

Market sentiment around the Bitwise registration is mixed but cautiously optimistic. Some analysts believe the move could be the first in a series of filings that eventually lead to licensed ETF products tied to decentralized finance. Others caution that intent does not always lead to approval.

One financial strategist observed that registrations sometimes outlive market conditions; that is, a trust may be established but never active if regulatory conditions remain unfavorable. Nonetheless, the very existence of the Bitwise Uniswap ETF trust is seen as a signal that industry players are preparing for a future where DeFi assets could be packaged in regulated vehicles.

Traders and investors watching $UNI prices have noted increased volatility and interest following announcements about the potential ETF. Some see this as a vote of confidence in long-term institutional adoption, while others remind the market that no formal application or approval exists yet.

What Comes Next for Bitwise and Uniswap

Looking ahead, the most immediate question for industry watchers is whether Bitwise will take the next step, submitting an official ETF application to the SEC. If Bitwise files, that application would likely attract significant attention from both regulators and investors, especially given the ongoing debates over crypto regulation in the United States.

Regulators will most likely evaluate any ETF proposal through the lens of:

• Custody solutions, How will the fund securely hold decentralized assets?
• Liquidity and market integrity, Do $UNI markets have sufficient depth and transparency?
• Risk disclosures, Will investors understand the unique risks tied to DeFi protocols?

Until Bitwise files an official registration statement, the ETF remains a possibility, not a certainty. Yet the establishment of the Bitwise Uniswap ETF statutory trust suggests that exchanges, asset managers, and investors are preparing for a future where decentralized finance and traditional investment products increasingly overlap.

As the landscape evolves, the next moves by Bitwise, Uniswap Labs, and regulators will be watched closely by markets eager for clearer signals on the future of crypto and institutional finance.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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