Bitwise Asset Management registered a trust called the Bitwise Uniswap ETF, marking the first steps toward a final filing with the SEC. This establishes the trust structure Bitwise will likely use while preparing a formal application.
According to Bitwise’s trust filing, a legal roadmap to a final product is established in accordance with SEC regulations. Bitwise has applied the trust model across its product suite, including the Bitwise 10 Crypto Index Fund (BITW), and has used similar structures when seeking ETP listings.
The firm has also been active with new product launches such as the Bitwise Proficio Currency Debasement ETF (BPRO) and is pursuing a strategic alliance with Morpho, which offers a 6% return in USDC.
While registering a trust is not a complete filing with the SEC, it is a preparatory and operational step that precedes a formal ETF application and the detailed disclosures the SEC requires regarding valuation, custody, and market integrity.
Following these steps is crucial for Bitwise, as SEC regulations have significantly reduced the legal uncertainty surrounding the DeFi world. Much of this work was accomplished when the SEC closed its investigation into Uniswap Labs in February of last year, easing a significant enforcement burden that had previously complicated UNI’s inclusion in regulated products.
At the same time, regulatory changes in 2025 that streamlined approvals for certain cryptocurrency ETFs have improved the path for asset managers, but applying those frameworks to a decentralized token like UNI remains complex.
Bitwise perational challenges
When Bitwise proceeds with a formal application to launch an ETF, it will need to address several key procedural and operational challenges to meet regulatory requirements. Among the central issues will be the need to demonstrate reliable asset valuation and market integrity.
Another key issue will be the custody and settlement of tokens, a particularly sensitive aspect for on-chain assets. Bitwise will have to detail agreements with qualified custodians capable of securely managing UNI transferability, as well as interactions with smart contracts, ensuring high standards of operational security and service continuity.
Finally, the regulator will pay close attention to the ETF’s governance and operational controls. This includes how the fund will exercise—or refrain from exercising—its protocol governance rights, and how the processes for creating and redeeming shares will be managed.
Bitwise’s next formal step will be to prepare and submit Form N-1A and the associated disclosures. The SEC’s review timeline is uncertain, and broader regulatory signals matter: a potential SEC decision on Bitwise’s suite of altcoin ETF filings would test the agency’s approach to DeFi-linked products and could influence how Uniswap’s application is assessed.
