Bitwise Asset Management has filed N-1A applications with the U.S. Securities and Exchange Commission (SEC) to launch 11 new single-asset ETFs, targeting a diverse basket of altcoins including Uniswap (UNI), Sui (SUI), and the recently launched Hyperliquid (HYPE). The filings, submitted Dec. 30, propose a "Strategy" structure rather than pure spot exposure, a regulatory wedge designed to navigate the SEC’s lingering hesitation on crypto asset securities.
While major caps like SUI ($1.45) and UNI ($6.20) remained flat on the news, the lesser-known Canton (CC) rallied 20% to $0.15, acting as the primary beta for the announcement.
The "Strategy" Loophole: 60/40 Split
Unlike the spot Bitcoin and Ethereum ETFs approved earlier, these 11 funds are structured as "Strategy ETFs." According to the filings, each fund limits direct crypto exposure to 60% of net assets. The remaining 40% must be allocated to other exchange-traded products (ETPs) or derivatives (futures/swaps) that track the same asset.
This hybrid model appears tailored to satisfy the Investment Company Act of 1940, allowing Bitwise to bypass the stricter requirements of a 100% spot filing while still offering institutional-grade exposure. The filings indicate a projected effective date of March 16, 2026, suggesting Bitwise is positioning these products for the next fiscal year’s regulatory cycle.
The Full Roster
The applications cover a wide spectrum of sectors, signaling Bitwise’s intent to capture the "long tail" of crypto institutionalization:
- DeFi Blue Chips: Aave (AAVE), Uniswap (UNI), Ethena (ENA)
- L1 Alternatives: Sui (SUI), Near (NEAR), Tron (TRX), Starknet (STRK)
- Privacy & AI: Zcash (ZEC), Bittensor (TAO)
- Emerging/Niche: Hyperliquid (HYPE), Canton (CC)
The inclusion of Hyperliquid (HYPE), whose native token only recently began trading, and Canton (CC) underscores a shift from submitting safe, vintage assets to targeting high-momentum, on-chain narratives.
Market Reaction: Beta Plays Catch a Bid
The market response was muted for the large caps, likely due to the distant 2026 timeline and "filing fatigue" after a year of ETF headlines. Uniswap, which had already rallied 6% earlier in the week following its fee-switch governance proposal, corrected slightly to $6.20 (-1.9%).
However, Canton (CC) decoupled, jumping 20% as traders identified it as the asset with the lowest float and highest leverage to the news. Zcash (ZEC), another regulatory outlier due to its privacy features, traded down 2.5% to $532, failing to catch a bid despite the institutional validation.
"The Fund seeks to achieve its investment objective through direct and indirect investments… investing up to 60% of its assets directly in the token.", Form N-1A Filing Excerpt
