The Bitwise Uniswap Strategy ETF is a pending crypto strategy fund targeting exposure to Uniswap (UNI), the governance token of the leading decentralized exchange protocol. Filed with the SEC in December 2025, this fund is part of Bitwise's expansion into DeFi-focused investment products. Uniswap represents one of the most established and liquid decentralized trading protocols, making it an attractive target for institutional exposure.

The fund utilizes a strategy approach, allocating up to 60% of assets directly in UNI tokens while directing the remainder to related exchange-traded products and derivatives. This structure provides flexibility in achieving UNI exposure while managing operational and liquidity considerations. The approach allows the fund to participate in Uniswap's governance token economics without the complexities of direct DeFi protocol interaction.

Pending regulatory approval, the ETF would offer investors regulated access to DeFi governance tokens through familiar investment vehicles. The filing comes as asset managers increasingly seek to capture exposure to protocols that power the decentralized finance ecosystem. If approved, this would be among the first U.S. ETFs providing direct exposure to a major DEX governance token.