Bitwise Registers Uniswap ETF Trust in Delaware

Asset manager Bitwise has begun preliminary steps ahead of launching an exchange-traded fund (ETF) backed by decentralized exchange Uniswap as the underlying asset.

According to Decrypt on the 28th (local time), Bitwise registered a statutory trust in the state of Delaware under the name “Bitwise Uniswap ETF.” Such state-level trust registrations are a customary step typically taken before filing an ETF application with the U.S. Securities and Exchange Commission (SEC), though in many cases they do not ultimately lead to an actual filing.

The market is viewing the registration as a strategic move. Vincent Liu, chief investment officer (CIO) at Kronos Research, said, “This action is a kind of placeholder step to keep options open,” adding that it “does not mean an SEC review is about to begin or that a specific launch timeline is imminent.”

The move is drawing attention because it comes after regulatory uncertainty surrounding Uniswap Labs was resolved. The SEC closed its investigation into Uniswap Labs in February 2025, a decision interpreted as a step back from its earlier enforcement posture targeting decentralized finance (DeFi) projects. Since President Donald Trump returned to office, the SEC has withdrawn many major enforcement actions related to digital assets.

Experts say that future ETF review issues are likely to focus on structural factors rather than the protocol’s legality. Ryan Yoon, senior researcher at Tiger Research, said, “Legal uncertainty has largely been resolved,” adding, “Now the key is actual liquidity, market structure, and feasibility.” He added that “while this registration can be seen as an attempt to link regulatory clarity with ETF productization, its near-term market impact will be limited.”

In particular, Uniswap’s decentralized structure is cited as a challenge in terms of pricing and oversight. Liu said, “Uniswap has sufficient on-chain liquidity, but trading volume is fragmented and its governance structure is complex,” adding that “smart-contract-based custody can increase operational risk and will be an important item of review in the SEC’s assessment.”