11 Bitwise files with US SEC to launch crypto ETF
Crypto fund manager Bitwise has filed with the United States Securities and Exchange Commission (SEC) to launch 11 single-token “strategy” crypto exchange-traded funds (ETFs) to further extend the company's crypto ETF footprint into the altcoin market.
The proposed funds, including Ave (AAVE), Uniswap (UNI), Zcash (ZEC), Bittensor (TAO), Sui (SUI) and Near (NEAR), among others, will provide targeted exposure to assets, giving investors a way to trade mostly on crypto exchanges.
According to the filing, each product is designed as a “Strategy ETF” rather than a vehicle with a clear position, following a rules-based playbook on how to get exposure to the underlying asset.
Broadly speaking, the funds combine direct position holdings in the corresponding cryptocurrency with positions in exchange-traded products (ETPs) that reference the asset, and may use derivatives to adjust exposure.
According to the filing, the fund will gain exposure by “directly investing up to 60% of its assets” in TOK and “at least 40% of its assets” in securities issued by one or more exchange-traded products that invest directly or offer exposure to the token.
That makes these ETFs structurally different from Bitwise's existing offerings, which are mostly different baskets of crypto equities (such as Coinbase), multi-asset indices, or futures-based strategies.
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Bitwise's crypto offerings
Bitwise already runs a reasonably priced US lineup. Point products that hold their assets directly include Bitwise Bitcoin ETF, Bitwise Ethereum ETF, Bitwise Solana Staking ETF and Bitwise XRP ETF.
On the equity and index side, Bitwise offers the Bitwise Crypto Industry Innovators ETF, which contains listed crypto-related companies, and the Bitwise 10 Crypto Index ETF, which tracks the largest net basket of digital assets. The firm also operates futures-based strategies built around CME futures.
The new single token strategy funds sit alongside the shelf, but targets a different risk. Instead of different baskets, each ETF focuses on a single coin and applies the same rules-based framework that includes decentralized finance, artificial intelligence and a layer-1 ecosystem across the altcoin family.
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A wide range of crypto ETF/ETP documents
The move comes amid broader ETF and ETP activity, including Greyscale's Tuesday application to convert Bittensor Trust into a spot ETF on the NYSE Arca.
Over the past several months, issuers such as Bitwise, VanEck, and 21Shares have been issuing or licensing niche and themed products tied to altcoins such as Solana (SOL), XRP (XRP), Dogecoin (DOGE), and Avalanche (AVAX).
While other issuers are moving into single-altcoin territory, launching or listing one-off products tied to individual tokens or AI or DeFi-themed vehicles, Bitwise's offering is broadly ambitious: a collection of 11 funds built around a common strategy template to give US investors access to altcoins via ETFs.
