#BitwiseFilesforUNISpotETF #BitwiseFilesforUNISpotETF

In a significant development for decentralized finance (DeFi) and the broader cryptocurrency market, Bitwise Asset Management has officially filed for a spot Uniswap (UNI) ETF with the U.S. Securities and Exchange Commission (SEC) — a landmark step that could open the door for mainstream investors to gain regulated exposure to the native token of the leading decentralized exchange protocol.

This filing, submitted on February 5–6, 2026, marks the first formal attempt by a major asset manager to launch a spot ETF tied directly to Uniswap’s UNI token. If approved, the proposed Bitwise Uniswap ETF would allow traditional investors to gain exposure to price movements in UNI through ordinary brokerage accounts, without needing to manage wallets or private keys, and would be custodied by Coinbase Custody Trust Company.

The ETF structure laid out in Bitwise’s S-1 registration aims to hold UNI tokens directly and reflect the performance of those holdings (after operational expenses), with no staking included at launch, though Bitwise has hinted that future amendments could add staking features.

Despite the regulatory milestone, the price response in the market was counterintuitive and muted at best. The UNI token has trended lower in the hours after the announcement, dipping sharply amid a broader crypto market pullback. Many headlines highlighted a 15–16% weekly slide in UNI’s price, with volume spiking as fear and selling pressure dominated sentiment.

This disconnect between institutional filings and immediate price action underscores a broader theme: ETF filings are procedural milestones, not guaranteed catalysts for price rebounds. The approval process could take months, and market participants are cautious, especially when overall sentiment remains risk-off.

The regulatory backdrop is also key. Bitwise’s move comes nearly a year after the SEC closed its investigation into Uniswap Labs, shifting the focus from legal uncertainty toward regulatory evaluation of market structure, liquidity, and custody standards — all essential for ETF approval.

Institutional appetite for crypto exposure has been growing, especially after the success of spot Bitcoin and Ethereum ETFs, but altcoin-linked products historically attract far smaller flows. Data from 2025 showed institutional capital overwhelmingly concentrated in Bitcoin and Ethereum vehicles, leaving limited room for niche DeFi token ETFs unless sentiment and macro conditions improve significantly.

Despite near-term price weakness, the filing could still represent a long-term strategic shift. A regulated UNI ETF would broaden the palette of crypto investment tools available to institutional and retail investors alike, and could — if approved — lay the foundation for other DeFi-focused products in traditional financial ecosystems.

However, the road from filing to approval is long, and the real test will be whether the SEC deems UNI’s market liquidity, custody, and governance robust enough for a mainstream ETF. For now, Bitwise’s action is being watched as both an institutional bet on the future of DeFi and a litmus test for the regulator’s evolving stance on crypto products beyond Bitcoin and Ethereum.

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Quick Highlights

Bitwise filed an S-1 registration with the SEC for a spot UNI ETF.

The ETF would hold UNI tokens directly, with Coinbase Custody as custodian.

Staking is not included at launch but could be added later.

UNI’s price fell sharply on news, showing market caution.

Regulatory approval is not guaranteed and could take months.