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Sujha Sundararajan
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Crypto asset manager Bitwise has become the first to file with the US regulator to launch an exchange-traded fund (ETF) dedicated to Uniswap.
The fund targets exposure to Uniswap (UNI), the governance token of the leading decentralized exchange protocol. The ETF filing marks one of the pivotal moments for DeFi.
“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,” the Thursday filing with the US Securities and Exchange Commission (SEC) read.
Uniswap is a decentralized exchange (DEX) built on Ethereum that offers token swaps without an intermediary. The regulatory authorities are currently reviewing the Bitwise application.
Bitwise Forms Delaware Statutory Trust for Uniswap ETF
The asset manager initially registered a Delaware statutory trust for a potential Uniswap fund on January 27, as a routine legal step that usually precedes an SEC filing.
The move positioned Bitwise to pursue a decentralized finance protocol-tied ETF to later advance to a federal filing.
The registration follows after the SEC backed off its investigation into Uniswap Labs, the Brooklyn-based company, in February 2025. The SEC charged Uniswap for operating as an unregistered securities exchange and issuing an unregistered security.
If approved by the regulator, the Coinbase Custody Trust Company would act as the custodian for the Bitwise Uniswap ETF.
Wider Crypto Market Slump Pulls UNI Token Down by Over 16%
UNI, the native token of Uniswap, has plummeted 16.59% to $3.15 in the past 24 hours, underperforming a broader market sell-off.
The drop is part of a severe crypto-wide correction. The total market cap fell 9.84% in 24 hours, with the Fear & Greed Index hitting “Extreme Fear” at 5.
Besides, a key driver was a massive $1.03 billion in Bitcoin long liquidations, which forced leveraged positions to unwind across the board. UNI is trading at $3.15 at press time, per CoinMarketCap data.
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