Bitwise has quietly taken an early step toward a Uniswap-linked exchange-traded fund, registering a Delaware statutory trust under the name “Bitwise Uniswap ETF,” according to a state filing dated Tuesday. The move creates a vehicle Bitwise could use if it decides to file with the SEC, but industry observers stress it’s a common, precautionary step rather than a firm launch signal. State-level registrations like this are often completed months ahead of any SEC submission and many never progress. “It’s a placeholder step that preserves optionality,” Vincent Liu, chief investment officer at Kronos Research, told Decrypt. “It suggests Bitwise is positioning ahead, but doesn’t imply an active SEC review or a defined launch timeline.” The filing follows a key regulatory development: the SEC closed its investigation into Uniswap Labs in February 2025, ending a probe into whether protocol-linked activity violated U.S. securities laws. That case had been part of the agency’s earlier push into decentralized finance, which sought to determine whether projects labeled as decentralized still depended on identifiable operators subject to federal oversight. Since President Trump’s second term began, the SEC has reportedly scaled back or dropped at least 17 major crypto enforcement actions — shifting industry focus from litigation risk to practical questions about product structure, liquidity, and execution. Analysts say Bitwise’s registration is a strategic move that bridges the new clarity created by the closed probe with the practical requirements of launching an ETF. “While legal uncertainties have subsided, the approval process will now focus on verifying the protocol’s decentralization and actual liquidity,” Ryan Yoon, senior research analyst at Tiger Research, told Decrypt. He added that the registration may have limited immediate market impact but could increase attention on mechanisms that help the protocol capture value — for example, the Fee Switch, a governance proposal that redirects a portion of trading fees from liquidity providers back to the protocol. That proposal was introduced in November and approved by a majority vote the following month. Technical and operational issues will matter too. Liu pointed to Uniswap’s robust on-chain liquidity but cautioned that fragmented volumes and decentralized governance complicate pricing and oversight. “If Bitwise proceeds with a Uniswap ETF, custody would be key,” he said, noting that custody tied to smart contracts raises additional operational risk. Any SEC review, Liu added, would likely examine market integrity, manipulation risk, and the depth of on-protocol liquidity — including how much pricing depends on surveilled or centralized markets. Market data show Uniswap remains active: CoinGecko reports about $161 million in 24-hour trading volume for the UNI token and roughly $859 million in protocol trading volume over the same period, underscoring why asset managers are still eyeing DeFi exposure despite regulatory uncertainty. Bottom line: Bitwise’s Delaware registration doesn’t guarantee an ETF is coming, but it signals the firm is keeping the option open as the regulatory picture around Uniswap clears and attention shifts to whether the protocol’s liquidity, governance, and custody arrangements can satisfy SEC scrutiny. Read more AI-generated news on: undefined/news

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