Asset manager Bitwise filed Form N-1A applications with the SEC on Dec. 30 for 11 single-token ETFs, a massive expansion targeting assets beyond the Bitcoin/Ethereum duopoly. The proposed funds cover DeFi blue chips Aave (AAVE) and Uniswap (UNI), Layer-1 contenders Near (NEAR) and Sui (SUI), and AI infrastructure protocol Bittensor (TAO).
Markets largely ignored the regulatory offensive. Uniswap (UNI) traded down 4.5% to $5.68, Aave (AAVE) fell 3.3% to $145, and Sui (SUI) slipped 2.4% to $1.40. Volume remains thin as traders weigh the filings against a distant effective date.
The ‘Strategy’ Loophole
Unlike the spot Bitcoin ETFs approved in early 2024, these filings utilize a "Strategy ETF" structure designed to bypass the SEC’s stringent requirements for surveillance-sharing agreements on assets without liquid CME futures markets.
Per the filing details, the funds will employ a hybrid 60/40 allocation model:
- 60% Direct Holdings: The fund holds the actual token (custodied by Coinbase).
- 40% Derivative/ETP Exposure: The remainder is allocated to futures, swaps, or other exchange-traded products to maintain liquidity and satisfy regulatory risk parameters.
Bitwise positions the suite as a continuation of its earlier work around Solana and XRP products, which helped establish a playbook for bringing single‑asset altcoin exposure into a U.S. ETF wrapper.
The Long Game
The filings indicate an effective date of March 16, 2026. While this timeline is subject to SEC acceleration or delay, it signals that Bitwise is laying infrastructure for a post-2025 regulatory environment rather than chasing immediate liquidity.
The full list of targeted assets includes:
- DeFi: Aave (AAVE), Uniswap (UNI)
- L1 Infrastructure: Near (NEAR), Sui (SUI), Tron (TRX)
- Privacy/Specialized: Zcash (ZEC), Canton (CC)
- AI/Agentic: Bittensor (TAO), Hyperliquid (HYPE)
This basket suggests institutional interest is moving vertically into specific sectors, specifically decentralized AI and high-throughput infrastructure, rather than broadly indexing the market.
