Bitwise Files S-1 With SEC to Launch Uniswap-Focused ETF, UNI Token Slumps 16%
Bitwise just lobbed a grenade into the ETF arena—and Uniswap's token took the shrapnel.
The Filing: A New Front in the DeFi Wars
Bitwise Asset Management submitted its S-1 registration statement with the SEC, aiming to launch an exchange-traded fund directly tied to the performance of Uniswap. The move signals a bold institutional push to package decentralized finance for mainstream portfolios. It's a classic Wall Street maneuver: see a disruptive technology, then immediately work to commoditize and resell it.
The Market's Verdict: A Brutal 16% Drop
UNI, the governance token of the Uniswap protocol, didn't celebrate the news. It plunged 16% following the announcement. The sell-off highlights the complex, often counterintuitive relationship between a protocol's adoption and its native token's price—a nuance that tends to get lost when traditional finance tries to slap a ticker on everything.
The Bigger Picture: Mainstream or Misdirection?
This filing isn't just about Uniswap. It's a test case. Can the speculative energy and community-driven governance of a DeFi blue-chip be bottled into an ETF? Regulators will scrutinize the structure, while crypto natives debate whether this is legitimization or a slow-motion takeover. After all, nothing says 'decentralized' like a product that requires a Form ADV and a quarterly management fee.
The race is on to bridge DeFi and TradFi. Bitwise just placed its bet. The market, for now, seems to think the house still wins.
Bitwise Forms Delaware Statutory Trust for Uniswap ETF
The asset manager initially registered a Delaware statutory trust for a potential Uniswap fund on January 27, as a routine legal step that usually precedes an SEC filing.
UPDATE: Bitwise registers for a $UNI ETF in Delaware, indicating filing may come soon. pic.twitter.com/4ObJo38PBv
The MOVE positioned Bitwise to pursue a decentralized finance protocol-tied ETF to later advance to a federal filing.
The registration follows after the SEC backed off its investigation into Uniswap Labs, the Brooklyn-based company, in February 2025. The SEC charged Uniswap for operating as an unregistered securities exchange and issuing an unregistered security.
If approved by the regulator, the Coinbase Custody Trust Company WOULD act as the custodian for the Bitwise Uniswap ETF.
Wider Crypto Market Slump Pulls UNI Token Down by Over 16%
UNI, the native token of Uniswap, has plummeted 16.59% to $3.15 in the past 24 hours, underperforming a broader market sell-off.
The drop is part of a severe crypto-wide correction. The total market cap fell 9.84% in 24 hours, with the Fear & Greed Index hitting “Extreme Fear” at 5.
Besides, a key driver was a massive $1.03 billion in Bitcoin long liquidations, which forced Leveraged positions to unwind across the board. UNI is trading at $3.15 at press time, per CoinMarketCap data.
