Bitwise Registers Uniswap ETF Trust in Early Step Toward Potential Filing
Bitwise has registered a Delaware statutory trust for a potential Uniswap-linked exchange-traded fund (ETF), positioning itself to pursue an ETF tied to the decentralized finance protocol if it decides to submit a federal filing. This step preserves the firm's ability to act without committing to an imminent launch or SEC review. The registration follows the U.S. SEC’s February 2025 decision to close its investigation into Uniswap Labs, reducing some legal uncertainty about the protocol’s status under securities law. Despite this regulatory clarity, approval of any Uniswap ETF would focus on the protocol’s true decentralization, liquidity, and operational risks related to custodial smart contracts. Uniswap’s decentralized exchange shows strong liquidity, but fragmented volumes and decentralized governance pose challenges for pricing and oversight. Analysts suggest these considerations, along with the implementation of governance mechanisms like the Fee Switch, are central to evaluating such ETFs. Uniswap’s UNI token recorded $161 million in 24-hour trading volume, while the protocol processed $859 million over the same period.
