- Bitwise registers Uniswap ETF trust, signaling early DeFi ETF positioning.
- Bitwise filing acts as a placeholder, keeping ETF optionality open for future moves.
- Uniswap shows strong liquidity, but fragmented volumes, governance, and custody pose risks.
Bitwise has established a Delaware statutory trust under the name “Bitwise Uniswap ETF,” according to state records filed Tuesday. The entity formation positions the asset manager to pursue a decentralized finance protocol-linked exchange-traded fund should it choose to advance a federal regulatory submission.
State-level registrations typically occur months before Securities and Exchange Commission filings, with many never progressing beyond initial formation. The legal structure creates optionality without guaranteeing product launch or active regulatory review.
Strategic Positioning After Enforcement Closure
According to reports, Vincent Liu, chief investment officer at Kronos Research, called the filing a “placeholder step that preserves optionality” for Bitwise. The move suggests the firm is “positioning ahead” without indicating an active SEC review or defined launch timeline, Liu stated.
The registration arrives after the SEC closed its investigation into Uniswap Labs in February 2025, ending a probe examining whether protocol-related activity violated U.S. securities laws. The case formed part of the agency’s earlier enforcement campaign targeting defi, questioning whether projects claiming decentralization operated with identifiable parties subject to federal oversight.
Since President Donald Trump began his second term, the SEC has withdrawn from at least 17 major enforcement actions against cryptocurrency firms and projects. Analysts suggest attention has changed from protocol legality to structural considerations, including market mechanics, liquidity depth, and custody arrangements.
Custody and Liquidity Present Approval Challenges
Uniswap displays strong on-chain liquidity according to Liu, though fragmented volumes and decentralized governance create challenges for pricing and oversight. Custody arrangements rely on smart contracts, elevating operational risk profiles. These factors would be central to the SEC’s evaluation of any ETF exposure, Liu noted.
SEC review would examine market integrity, manipulation risk, and depth of on-protocol liquidity, including reliance on surveilled markets. The approval process may prioritize stable implementation of revenue-sharing policies like the Fee Switch, which redirects trading fee portions from liquidity providers to the protocol. The Fee Switch governance mechanism was proposed in November and approved through majority vote in December.
Related: Grayscale Files for BNB ETF With the SEC Under the Ticker ‘GBNB’
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