TL;DR
- Bitwise filed a Form S-1 for a regulated UNI ETF, proposing a trust that would hold Uniswap tokens and trade on a U.S. exchange.
- The structure names Bitwise Investment Advisers as sponsor and Coinbase Custody as custodian, aiming to deliver UNI exposure via brokerage accounts.
- UNI traded near $3.22, down 14.5% in 24 hours, reinforcing that ETF filings are a process milestone, not an instant catalyst.
Bitwise has taken the first step toward a spot exchange-traded fund tied to Uniswap’s UNI token, filing a Form S-1 registration statement with the U.S. Securities and Exchange Commission. The filing signals that DeFi exposure is moving from narrative to product design in U.S. markets. The proposed Bitwise Uniswap ETF is structured as a trust intended to hold UNI directly, offering brokerage access without requiring investors to manage wallets or private keys. The documents add that shares would trade on a U.S. exchange under a ticker not yet announced on Feb. 5, 2026.
A UNI-first ETF structure meets a cautious market tape
The registration lists Bitwise Investment Advisers as sponsor and manager, while Coinbase Custody would hold the UNI. Bitwise is packaging governance-token exposure inside familiar ETF plumbing to widen the investor base. The filings position UNI as the primary asset and frame the vehicle as a regulated way to track UNI price movements through traditional accounts. The move follows earlier preparatory steps referenced in coverage, and it is presented as an industry first attempt focused on a DeFi protocol’s native token.
Price action did not immediately validate the headline, underscoring the gap between ETF progress and altcoin sentiment. UNI’s drop shows that regulatory milestones do not automatically translate into near-term inflows. At the time of reporting, UNI traded around $3.22, down 14.5% over the prior 24 hours. The coverage notes that Bitwise and other issuers have recently pushed beyond Bitcoin and Ether products, testing investor appetite and regulatory engagement with filings tied to multiple major tokens. That broader backdrop leaves UNI’s reaction as a reminder that timing and market tape still matter.
For Uniswap, the ETF filing elevates UNI from a crypto-native governance asset into a candidate for mainstream portfolio rails. The bigger takeaway is that ETF wrappers are becoming a bridge between onchain protocols and compliance-first capital. If the trust advances, investors would gain exposure through standard brokerage workflows while the underlying tokens sit with a qualified custodian. Next steps hinge on SEC review, exchange listing logistics, and final operational parameters disclosed in updated filings. For now, the application is a test of whether DeFi tokens can clear the same gatekeeping as earlier spot crypto products.
