- Bitwise registers a Delaware trust for a potential Uniswap ETF.
- The move follows the SEC’s closure of its Uniswap investigation.
Bitwise has moved forward in exploring a potential Uniswap-linked exchange-traded fund (ETF), signaling growing interest in decentralized finance (DeFi) within traditional investment vehicles.
Delaware Trust Registration Marks Early Stage
According to state filings, Bitwise has formed a Delaware statutory trust under the name “Bitwise Uniswap ETF.” This step is typically a routine legal measure taken months before any formal filing with the U.S. Securities and Exchange Commission (SEC).
Vincent Liu, chief investment officer at Kronos Research, described the registration as a “placeholder step that preserves optionality,” highlighting that it does not indicate an active SEC review or set a timeline for launch.
Context: SEC Pullback in DeFi Enforcement
The move follows the SEC’s February 2025 decision to close its investigation into Uniswap Labs, part of a broader retreat from aggressive enforcement in the DeFi sector. Analysts note that SEC evaluations for ETFs often focus more on market structure, liquidity, and custody arrangements than on the legality of the underlying protocol.
During recent years, the SEC has scaled back at least 17 major cases against crypto firms and protocols, reflecting a softer regulatory stance. Bitwise’s registration aligns with this environment, potentially positioning the firm to capitalize on institutional interest in DeFi exposure.
What This Means for Investors
While many state-level trust registrations do not lead to actual ETF launches, this move signals Bitwise’s strategic positioning. Should the firm eventually pursue a federal filing, it could open the door for investors to gain ETF exposure to Uniswap, one of the largest decentralized exchange protocols.
Industry watchers see this as a cautious but noteworthy step, suggesting traditional finance is slowly integrating decentralized assets without triggering regulatory conflicts.
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