The Bitwise Ethena Strategy ETF is a pending crypto strategy fund seeking exposure to Ethena (ENA), a synthetic dollar protocol built on Ethereum. Filed with the SEC in December 2025, this application targets DeFi infrastructure focused on decentralized stablecoin mechanisms. Ethena's protocol aims to provide crypto-native yield through delta-neutral strategies.

The fund follows the strategy ETF structure, investing up to 60% directly in ENA tokens with the balance in related exchange-traded products or derivatives. This approach provides flexibility in achieving exposure to Ethena's ecosystem while managing liquidity and operational considerations. The hybrid model allows participation in DeFi protocol governance without direct smart contract interaction.

Pending SEC approval, this ETF would offer regulated access to synthetic dollar protocols through traditional investment vehicles. The filing reflects growing institutional interest in DeFi primitives and stablecoin infrastructure. If approved, it would provide one of the first regulated channels for investing in crypto-native yield generation protocols.