TL;DR
- Bitwise filed eleven single-token crypto ETF applications with the SEC, focused on altcoins and excluding Bitcoin and Ethereum.
- The funds target tokens such as Aave, Uniswap, Zcash, Bittensor, Sui, and Near, offering direct exposure to a single altcoin.
- Each ETF will operate as a Strategy ETF, with up to 60% invested in the token itself and at least 40% allocated to related ETPs.
Bitwise submitted eleven applications to the SEC to launch single-token crypto ETFs, marking one of the most aggressive offerings seen so far in the regulated altcoin market. The proposal excludes Bitcoin and Ethereum. The funds will focus on assets that remain outside the scope of traditional spot ETFs but continue to attract strong demand in crypto markets.
The products target tokens such as Aave, Uniswap, Zcash, Bittensor, Sui, and Near, among others. Each fund concentrates on a single asset and removes internal diversification. The goal is to provide direct and specific exposure to an altcoin through a traditional brokerage account, without going through a crypto exchange.
How Will Bitwise’s New ETFs Work?
It is worth noting that Bitwise did not propose pure spot ETFs. Each fund will operate as a Strategy ETF under a rules-based framework. Up to 60% of the capital will be invested directly in the corresponding token. At least 40% will be allocated to securities issued by exchange-traded products that reference the same asset. The structure will also allow the use of derivatives to fine-tune exposure and manage positioning.
This format serves a dual purpose. On one hand, it expands operational flexibility relative to the regulatory constraints that still weigh on spot altcoin ETFs. On the other side, it allows the same architecture to be replicated across multiple assets without redesigning each product from scratch.
Pushing Regulatory Boundaries
This new wave of products would add to Bitwise’s existing lineup of spot ETFs tied to Bitcoin, Ethereum, Solana, and XRP, as well as crypto-related equity funds, index products, and strategies based on CME-listed futures. Bitwise would introduce a different risk profile: concentrated exposure, higher potential volatility, and a direct link to specific niches such as DeFi, artificial intelligence, and base-layer blockchain ecosystems.
In recent weeks, asset managers such as Grayscale, VanEck, and 21Shares have filed or launched vehicles tied to individual altcoins and thematic markets. Grayscale even applied to convert its Bittensor trust into a spot ETF. Unlike those one-off cases, Bitwise opted for scale and a repeatable model.
The applications were filed today. Tickers and fees have not yet been disclosed. The market is now waiting for the SEC’s response to assess how far regulatory openness toward altcoins may extend. If the plan receives approval, Bitwise would provide systematic and regulated access to a significant portion of the crypto market.
