Crypto asset manager Bitwise has taken a first-of-its-kind step, filing with U.S. regulators to launch an exchange-traded fund (ETF focused on Uniswap) — a milestone moment for decentralized finance.
The proposed fund would give investors direct exposure to Uniswap’s UNI token, the governance asset behind the world’s largest decentralized exchange. If approved, it would be the first ETF built around a DeFi protocol, pushing crypto’s reach further into traditional markets.
According to Bitwise’s filing with the U.S. Securities and Exchange Commission (SEC) on Thursday, the ETF’s goal is straightforward: to track the value of UNI held by the trust, minus operating expenses and liabilities.
Uniswap itself is a decentralized exchange built on Ethereum, allowing users to swap tokens without relying on intermediaries. The SEC has confirmed it is now reviewing the application.
Laying the Groundwork for a DeFi ETF
Bitwise began setting the stage earlier this year. On January 27, the firm registered a Delaware statutory trust for a potential Uniswap fund — a routine but necessary legal step that typically comes before a formal SEC filing.
That move positioned Bitwise to pursue a DeFi-linked ETF at the federal level, something no issuer has attempted before.
The timing is notable. The filing comes after the SEC backed away from its investigation into Uniswap Labs in February 2025. The regulator had previously accused the Brooklyn-based firm of operating as an unregistered securities exchange and issuing an unregistered security, but ultimately dropped the case.
If the ETF is approved, Coinbase Custody Trust Company would serve as the fund’s custodian.
UNI Slides as the Broader Crypto Market Buckles
Despite the ETF news, UNI is under heavy pressure. The token has dropped more than 16% in the past 24 hours, falling to around $3.15, and is lagging even as the broader crypto market sells off.
That weakness comes amid a sharp, market-wide correction. Total crypto market capitalization has fallen nearly 10% in a single day, while the Fear & Greed Index has plunged to “Extreme Fear” at a reading of 5.
One major catalyst has been a wave of forced selling, with $1.03 billion in Bitcoin long liquidations unwinding leveraged positions across the market. UNI, like many altcoins, has been caught in the fallout and remains near $3.15 at press time, according to CoinMarketCap.
For now, Bitwise’s ETF filing marks a symbolic win for DeFi — even as the market reaction shows just how fragile sentiment remains.
