Bitwise Floods SEC with 11 Crypto ETF Filings in One Day
Crypto journalist
Anas Hasan
Crypto journalist
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Bitwise Funds Trust filed registration statements with the SEC on December 30 for eleven strategy-based exchange-traded funds targeting major blockchain protocols, marking the largest single-day crypto ETF filing in industry history.
The funds, which are expected to be effective 75 days after registration, will trade on NYSE Arca and offer management, utility and native tokens in a hybrid investment structure combining direct holdings with European exchange-traded products.
It comes as asset managers scramble to capture market share following SEC's October 2025 introduction of comprehensive listing standards for crypto ETFs, which will eliminate regulatory approval requirements and accelerate product launches across the industry.
Bitwise targets DeFi, Layer-2s, and privacy networks
Eleven funds run different blockchain sectors, each targeting a specific protocol.
The Bitwise AAVE Strategy ETF focuses on decentralized lending, while the Bitwise UNI Strategy ETF tracks the Uniswap decentralized exchange and the Unichain Layer-2 network.
Infrastructure plays include the BITwise NEAR Strategy ETF, which covers NEAR's sharded architecture, and the Bitwise SUI Strategy ETF, which targets Mysten Labs' Move-based blockchain.
Layer-2 scaling solutions are highlighted by the Bitwise STRK Strategy ETF for Starknet's ZK-STARK technology.
Privacy-focused networks are also visible through the Bitwise ZEC Strategy ETF, which tracks Zcash's zk-SNARK implementation.
Specific protocols round out the collection, including Bittensor's AI marketplace Bitwise TAO Strategy ETF, Bitwise ENA Strategy ETF for Athena's synthetic dollar protocol, and funds covering Canton Network, HyperLiquid and the TRON blockchain.
Each fund uses similar investment mechanics, with up to 60% allocated to direct token holdings and a minimum of 40% to European ETPs.
Funds retain at least 80% exposure to designated tokens, related ETPs and derivatives under normal circumstances, with an optional 25% exposure to Cayman Islands subsidiaries for tax compliance and access to derivatives.
Institutional access and regulatory complexity
Bitwise Investment Manager, shared by Jennifer Thornton, Daniela Padilla and Gayatri Choudhury, serves as an advisor on all funds in portfolio management.
Bank of New York Mellon handles administration and custody for traditional securities, Coinbase Custody Trust Company and BitGo Europe GmbH secure digital assets.
Although the specific percentages are not disclosed in the application, the funds operate on a single payment structure.
Despite the professional infrastructure, these products still carry high risks.
There is regulatory uncertainty over whether tokens qualify as securities or commodities, and funds can be liquidated if allocations are changed.
Due to time zone differences between US and European markets, European ETP exposure introduces issuer default risk and valuation challenges.
Specifically, they intend to qualify as regulated investment companies, avoiding federal taxation at the fund level if the funds are distributed to shareholders.
Creation and redemptions occur primarily through cash rather than insider transactions, which can result in higher capital gains distributions than traditional ETF structures.
Stock trading can be done throughout the day with net asset value based on the market price.
A wave of Altcoin products will change the ETF landscape.
The filing extends Bitwise's aggressive ETF expansion following recent launches, including the Bitwise Dogecoin ETF, which has accumulated valuable assets despite the lack of a 1940 Act classification and reduced investor protections.
These waves of inflows come as Bitwise predicts more than 100 crypto ETFs could launch by 2026 as comprehensive listing requirements avoid approval hurdles.
The company has also offered tracking products for NEAR and Chainlink, suggesting a possible launch soon.
Changes in market structure continue to accelerate institutional access to crypto. Solana, XRP and Dogecoin ETF launched in 2025, Bitwise Solana Staking ETF raised more than $660 million in three weeks with no outflows.
Bank of America recently authorized advisers to recommend Bitcoin ETFs to clients, shifting part of the bank's $3.5 trillion in assets under management to digital assets as regulatory transparency improves under new SEC leadership.
Despite market volatility, Bitwise maintains a silver outlook.
Bitwise Chief Investment Officer Matt Hogan predicts that Bitcoin will reach a new all-time high in 2026, breaking the traditional four-year cycle with sustained institutional capital inflows.
The firm argues that bitcoin's volatility will be lower than Nvidia's shares in 2025, with traditional financial institutions including Morgan Stanley, Wells Fargo and Merrill Lynch making allocations, which shows its mature investor base.
Hugan recently said he expects a decade of steady gains from this, with reduced volatility rather than explosive rallies due to structural market changes and regulatory transparency rather than retail speculation.
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