Uniswap ETF enters the chat: Bitwise files a registration statement with the SEC

Bitwise is officially the first asset manager to make a formal move to list a Uniswap-focused exchange-traded fund.

On Thursday, the asset management firm filed a registration statement with the Securities and Exchange Commission for the Bitwise Uniswap ETF, which would track the UNI token.

"The Trust’s investment objective is to seek to provide exposure to the value of Uniswap held by the Trust, less the expenses of the Trust’s operations and other liabilities," according to the statement. 

UNI is the governance token of the Uniswap protocol and is among the top 40 cryptocurrencies by market capitalization, according to The Block's price data. Uniswap is a decentralized exchange built on Ethereum that allows users to swap tokens without an intermediary. 

The proposal for a Uniswap ETF comes amid a wave of crypto ETF launches in 2025 and into 2026, driven by a more favorable U.S. regulatory and political environment for digital assets. President Donald Trump has reiterated his message to make the U.S. the "crypto capital" of the world," while the SEC's new chair Paul Atkins has embarked on "Project Crypto" with the new Commodity Futures Trading Commission Chair Michael Selig to modernize its rules. 

If approved by the SEC, the Coinbase Custody Trust Company, LLC would be the custodian for the Bitwise Uniswap ETF. According to the filing, Bitwise would not include staking, but that could be changed later on. 

UNI's price is down by about 15% over the past 24 hours as the rest of the crypto market has also faltered. Bitcoin has also been under pressure, posting one of its sharpest single-day declines on record on Thursday, down nearly 15%.