Institutional access to DeFi-linked products took a step forward as Bitwise advanced its Uniswap ETF plans with U.S. regulators.
Summary
Bitwise files for first spot Uniswap ETF in the U.S.
Bitwise Asset Management has submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) seeking approval for a spot Uniswap ETF directly backed by the UNI token. The move underscores growing institutional interest in decentralized finance, even as broader altcoin markets remain under pressure.
The proposed product, named the “Bitwise Uniswap ETF”, would be structured as a trust that holds Uniswap tokens as its primary asset. Moreover, the ETF is designed to give traditional brokerage clients regulated access to UNI price dynamics without interacting with on-chain infrastructure.
According to the filing, submitted on February 5, 2026, the trust would issue shares intended to trade on a U.S. exchange under a ticker that has not yet been announced. However, the registration makes clear that each share will represent a fractional, undivided beneficial interest in the Uniswap token holdings of the trust.
Structure, custody and management of the proposed trust
Bitwise Investment Advisers will act as sponsor and manager of the trust, overseeing operations, fees and reporting. Moreover, the structure is meant to mirror other spot crypto products that provide direct exposure to a single asset, while operating within the existing securities framework.
Coinbase Custody has been named as the custodian responsible for safeguarding the Uniswap tokens held by the trust. This arrangement aims to let investors benefit from Uniswap token exposure without managing wallets, seed phrases or private keys. That said, on-chain risks linked to the underlying protocol and token will still influence performance.
The SEC registration notes that the ETF will hold UNI directly, rather than using derivatives or synthetic exposure. However, the document also highlights typical risks associated with digital assets, including regulatory uncertainty, market volatility and potential technological vulnerabilities within the Ethereum ecosystem.
Market reaction and UNI price performance
Despite the high-profile filing, Uniswap (UNI) saw muted price action in the immediate aftermath. At press time, UNI was trading at $3.22, down 14.5% over the previous 24 hours. The decline suggests that traders remain cautious toward altcoins, even as new regulated vehicles emerge.
Moreover, the negative short-term move underscores a broader risk-off tone in smaller-cap tokens relative to assets like Bitcoin and Ethereum. The spot uniswap etf proposal did little to offset selling pressure, indicating that investors may be waiting for clearer regulatory signals or renewed momentum across the DeFi sector.
However, if approved, the Bitwise Uniswap ETF could still influence liquidity and depth for UNI over the longer term by making the asset accessible through traditional brokerage channels. Increased institutional participation has historically affected trading volumes and price discovery in other listed crypto products.
First regulated ETF centered on a DeFi governance token
If the SEC signs off, the Bitwise Uniswap ETF would become the first regulated exchange-traded fund in the U.S. focused specifically on a DeFi protocol’s native governance token. Uniswap’s UNI token underpins one of the largest decentralized exchanges built on Ethereum, where users trade cryptocurrencies through automated liquidity pools.
Moreover, UNI holders participate in protocol governance, voting on proposals that can adjust fees, incentives and treasury allocations. A spot ETF wrapped around this token would effectively introduce mainstream investors to the governance layer of decentralized finance, even if those investors do not vote directly on-chain.
That said, the filing emphasizes that the ETF’s performance will track UNI price movements, not Uniswap trading activity or protocol revenues. Investors will therefore be exposed to market sentiment, regulatory developments and broader crypto cycles rather than cash flows or dividends.
Evolving landscape for crypto and altcoin-linked ETFs
Bitwise’s application arrives amid a wave of altcoin etf filings seeking to expand beyond large-cap assets. In recent months, Bitwise and rival issuers have proposed products linked to tokens such as AAVE and Chainlink, reflecting efforts to package leading DeFi and Web3 assets into compliant investment vehicles.
However, the SEC has taken a cautious stance toward products that move beyond established assets and into decentralized protocol tokens. Market participants are therefore watching closely to see whether this Uniswap-focused trust can clear regulatory hurdles and set a precedent for future decentralized finance etf proposals.
For now, the Bitwise Uniswap ETF filing highlights the ongoing convergence between on-chain protocols and traditional capital markets. Whether or not it gains approval, the move signals persistent demand for regulated access to DeFi-native assets from both retail and institutional investors.
In summary, Bitwise’s bid to list a spot Uniswap ETF with direct UNI holdings underscores how regulated structures are evolving to meet interest in decentralized finance, even as short-term market sentiment toward altcoins remains fragile.
