Bitwise Asset Management has filed with the Securities and Exchange Commission (SEC) to propose a Spot Uniswap ETF. The filing was submitted via Form S-1 on 5th February 2026, and proposes to be a trust holding UNI (Uniswap’s native governance token), with custody handled by Coinbase.
What Does The Bitwise Spot Uniswap ETF Entail?
The Uniswap Exchange-Traded Fund (ETF) will be structured in a similar way to existing Bitcoin (BTC) and Ethereum (ETH) spot ETFs to its price. The Bitwise spot Uniswap ETF will allow investors to invest in UNI tokens under their traditional brokerage account without the need for self-custody wallets or direct interaction with any decentralized finance (DeFi) protocol.
Bitwise will act as the sponsor for the ETF. Coinbase Custody will be the custodian for all underlying UNI tokens. If the ETF is approved, it would be the first ETF in the U.S. that invests in the native token of a DeFi platform.
On the other hand, this filling comes despite the current market crash, signaling that the industry won’t give up or fall under its own structure. On its side, the Uniswap DEX and its token have been in the market for a while, representing a “solid” altcoin to invest in.
The Bitwise Filing Sets a Strategic Milestone
This spot Uniswap ETF filing is a key test of the SEC’s willingness to extend the ETF framework to a second-tier crypto (altcoin), a more complex, utility-driven DeFi asset. It also provides evidence of both institutional and retail investors seeking regulated access to blue-chip products.
Nonetheless, the UNI token did not react positively to the news as its price continued to drop after the announcement (as shown in the chart above), trading at USD 3,20 at the time of writing, almost 15% down in 24 hours. This points out the gap between long-term regulatory progress and short-term risk-sentiment due to the time and process it takes to get approved (marked by uncertainty), particularly with assets like UNI, which has faced regulatory scrutiny.
