Bitwise Asset Management has registered a statutory trust in Delaware under the name “Bitwise Uniswap ETF,” according to a January 27 state filing. The new entity gives Bitwise a legal structure it can later use if it decides to launch an exchange traded fund linked to the Uniswap protocol or UNI token.
This type of registration is a common first step for ETF issuers and often comes months before any federal filing. Many such trusts never move forward, but they help firms secure names, define structures, and react quickly if market and regulatory conditions shift.
Connection To SEC’s Uniswap Case And Regulatory Climate
The Delaware move comes after the United States Securities and Exchange Commission closed its investigation into Uniswap Labs in February 2025. The probe had examined whether trading activity around the decentralized exchange violated U.S. securities laws despite its claimed decentralization.
With the case now closed, analysts say the main questions for any future Uniswap ETF will center on liquidity, custody, and decentralization, rather than legal status. Commentators like Vincent Liu of Kronos Research describe Bitwise’s trust as a placeholder that preserves options without signaling an active SEC review or launch date.
Uniswap Market Strength And ETF Feasibility
Uniswap currently shows strong on chain activity, which matters for any ETF proposal. Recent data from CoinGecko cited in reports put daily decentralized exchange volume near $859 million, with UNI token trading around 161 million dollars in 24 hours.
Such liquidity could help an eventual ETF meet standards for pricing, trading, and market integrity. However, experts note that the SEC would also study smart contract risks, governance, and potential market manipulation across centralized and decentralized venues.
At this point, Bitwise has not provided the SEC with a specific Uniswap ETF prospectus, and there is no definitive product timeframe. A formal filing detailing the fund’s plan to track Uniswap exposure, handle custody, and determine net asset value would be the next significant step.
If regulators eventually approve such a product, it could give traditional investors regulated access to Uniswap through standard brokerage accounts. Until then, the Delaware trust mainly signals growing institutional interest in DeFi based ETFs as the Trump administration’s SEC shifts from aggressive enforcement toward closer review of structure and liquidity.
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