Summary:
- Bitwise has filed a registration statement with the SEC to launch a Uniswap (UNI) focused ETF.
- The proposed Bitwise Uniswap ETF would track the UNI token, the governance asset of the Uniswap protocol.
- The filing states the trust does not currently engage in staking, but leaves room to add it later.
- Coinbase Custody Trust Company, LLC is named as the custodian if the ETF is approved.
- The move comes as crypto ETFs continue expanding under a more open U.S. regulatory environment.
Bitwise has taken a clear step that many in the crypto market have been waiting to see. The asset manager filed a registration statement with the U.S. Securities and Exchange Commission for what would become the Bitwise Uniswap ETF, a fund designed to track the UNI token. This makes Bitwise the first asset manager to formally pursue an exchange-traded fund centered on Uniswap's governance token.
Until now, exchange-traded funds tied to crypto have focused mainly on large assets like Bitcoin and Ethereum, with a few expanding toward broader baskets or thematic exposure. A UNI-specific ETF shifts attention to decentralized finance infrastructure. Uniswap itself is a decentralized exchange built on Ethereum. Instead of relying on a company to match buyers and sellers, it uses smart contracts - self-executing code on the blockchain - to let users swap tokens directly. UNI is the protocol's governance token, meaning holders can vote on proposals that influence how the system evolves. That governance angle, combined with Uniswap's long presence in DeFi, helps explain why UNI is seen as a candidate for more traditional financial wrappers.
The proposed ETF arrives during a period where crypto-linked investment products are expanding. 2025 and early 2026 have seen a steady flow of filings and launches, reflecting a regulatory and political climate in the United States that is more open to digital asset products than in earlier years. In that sense, the Bitwise filing is part of a broader pattern, but the focus on a DeFi token gives it a distinct profile.
What the filing says about staking and custody
One of the more closely watched parts of any crypto ETF filing today is how it handles staking. Staking, in simple terms, involves locking tokens to help support a blockchain network and earning rewards in return. It has become a point of debate because it can blur the line between passive exposure and active yield-seeking. The Bitwise filing is direct about the current stance, while also leaving the door open for change. The document states:
Bitwise is starting with a more straightforward structure focused on tracking UNI, but it is clearly thinking ahead. If staking is eventually included, it could alter how the fund behaves compared with a simple price-tracking product, and it would likely draw fresh regulatory attention. The filing also names Coinbase Custody Trust Company, LLC as the custodian, should the ETF receive approval. Custody plays a central role in crypto ETFs because the underlying assets are digital and require specialized storage and security practices. Using a well-known crypto custodian aligns with how many other digital asset funds are structured.
Market timing and what this means for UNI
The ETF proposal lands at a time when crypto markets have been under pressure. UNI's price is down roughly 20.3% over the past seven days, and the broader market has also struggled, with Bitcoin falling nearly 18% over the same period. That context matters becouse ETF filings often attract attention and can shape long-term narratives, but they do not shield assets from short-term volatility.
Still, an ETF centered on UNI treats the token not just as a tool within a protocol, but as an investable asset that can sit inside traditional brokerage accounts. For some investors, that structure is more accessible than managing private keys, wallets and on-chain transactions. It also adds another bridge between decentralized finance and legacy financial rails. A filing like this suggests that asset managers see lasting relevance in DeFi infrastructure. Uniswap has been a core part of Ethereum's trading activity for years, and wrapping its governance token in an ETF format can be read as a bet that decentralized exchanges will remain a meaningful part of the crypto landscape.
Closing Thoughts
Of course, approval is not guaranteed. The SEC review process can be lengthy, and crypto-linked products still face detailed scrutiny around market integrity, custody, disclosures and investor protection. But even at the filing stage, the Bitwise Uniswap ETF adds a new chapter to the ongoing story of how digital assets move from niche internet tools to instruments recognized within traditional finance.