Bitwise Asset Management has taken a fresh step in the push to bring decentralised finance tokens into regulated investment products, filing for a spot exchange-traded fund linked to Uniswap.
The proposal adds to a growing list of altcoin ETF applications in the US, even as market prices remain subdued.
While bitcoin and ether products have already reshaped crypto investing through traditional brokerage accounts, filings tied to DeFi tokens are testing how far institutional demand can extend.
The Uniswap filing highlights this shift, pairing regulatory structure with on-chain assets, but it has not yet translated into renewed momentum for the UNI token.
Filing details
The application, submitted on February 5, 2026, is a Form S-1 registration statement filed with the US Securities and Exchange Commission.
It outlines plans for the Bitwise Uniswap ETF, a trust designed to hold Uniswap tokens as its primary asset.
Shares of the trust would be listed on a US exchange under a ticker symbol that has not yet been disclosed.
According to the filing, the product is intended to track the price performance of UNI through a familiar ETF structure.
Investors would gain exposure to the token via standard brokerage platforms, rather than through direct interaction with decentralised protocols.
This approach mirrors earlier spot crypto ETFs, which sought to lower operational barriers for traditional investors.
How the ETF is structured
Bitwise Investment Advisers would act as sponsor and manager of the proposed trust.
Custody of the underlying UNI tokens would be handled by Coinbase Custody, a service widely used by institutional crypto products.
The setup is designed to remove the need for end investors to manage private keys or digital wallets.
If approved, the product would represent the first regulated US ETF focused on the native token of a DeFi protocol.
Uniswap operates as one of the largest decentralised trading venues built on Ethereum, with UNI serving as its governance token.
The filing places this on-chain governance asset into a regulated wrapper, a structure that regulators and market participants are still evaluating.
Market response
Despite the regulatory milestone, UNI showed little immediate reaction.
The token continued to trade lower following the filing, reflecting broader caution across altcoins.
The token was trading at $3.25 at the time of writing, down by 12.51% over the past 24 hours.
Source: CoinMarketCap
This muted response suggests that ETF applications alone may not be enough to lift sentiment while risk appetite remains restrained.
The lack of price movement also underlines the gap between longer-term institutional positioning and short-term market dynamics.
While filings signal interest from asset managers, investors appear to be waiting for clearer signals on approvals, liquidity, and demand before reassessing valuations.
Broader ETF push
The Uniswap proposal fits into a wider wave of filings by Bitwise and rival issuers.
Recent applications have targeted a range of altcoins beyond Bitcoin and Ether, including products linked to AAVE and Chainlink.
Together, these moves point to an effort to broaden the scope of crypto ETFs and test regulatory boundaries.
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