Crypto fund manager Bitwise has filed with the United States Securities and Exchange Commission (SEC) to launch 11 new single‑token “strategy” crypto exchange‑traded funds (ETFs), extending the company’s crypto ETF footprint deeper into the altcoin market.
The proposed funds would offer targeted exposure to assets including Aave (AAVE), Uniswap (UNI), Zcash (ZEC), Bittensor (TAO), Sui (SUI), and Near (NEAR), among others, giving investors a regulated route into tokens that so far have mostly traded on crypto exchanges.
According to the filing, each product is designed as a “Strategy ETF” rather than a plain spot vehicle, following a rules‑based playbook for how it gets exposure to the underlying asset.
In broad terms, the funds would combine direct spot holdings in the relevant cryptocurrency with positions in exchange-traded products (ETPs) that also reference that asset, and could use derivatives to fine‑tune exposure.
As per the filing, the fund will derive its exposure “by investing up to 60% of its assets directly” in the token and “at least 40% of its assets” in securities issued by one or more exchange-traded products that invest directly in or provide exposure to the token.
That makes these ETFs structurally different from Bitwise’s existing offerings, which are mostly diversified baskets of crypto equities (such as Coinbase), multi‑asset indexes, or futures‑based strategies.
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Bitwise’s crypto offerings
Bitwise already runs a reasonably full US lineup. Its spot products include the Bitwise Bitcoin ETF, the Bitwise Ethereum ETF, the Bitwise Solana Staking ETF, and the Bitwise XRP ETF, which hold their respective assets directly.
On the equity and index side, Bitwise offers the Bitwise Crypto Industry Innovators ETF, which holds listed crypto‑related companies, and the Bitwise 10 Crypto Index ETF, which tracks a screened basket of the largest digital assets. The firm also operates futures‑based strategies built around CME futures.
The new single‑token strategy funds would sit alongside the existing shelf, but target a different type of risk. Instead of diversified baskets, each ETF concentrates on one coin and applies the same rules‑based framework across a family of altcoins spanning decentralized finance, artificial intelligence, and layer‑1 ecosystems.
If approved, they would give institutions and advisers an ETF‑native way to express views on names like TAO or SUI without directly holding the tokens.
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A broader wave of crypto ETF/ETP filings
The move comes amid a broader wave of ETF and ETP activity, including Grayscale’s Dec. 30 application to convert its Bittensor trust into a spot ETF on NYSE Arca.
Over the past several months, issuers such as Bitwise, VanEck, and 21Shares have also been rolling out or seeking approval for spot and thematic products tied to altcoins like Solana (SOL), XRP (XRP), Dogecoin (DOGE), and Avalanche (AVAX).
While other issuers are edging into single‑altcoin territory, launching or filing for one‑off spot products tied to individual tokens or AI or DeFi‑themed vehicles, Bitwise’s bid is more ambitious in scope: an 11‑fund suite built around a common strategy template to give US investors access to a long tail of altcoins through ETFs.
