Crypto asset manager Bitwise has become the first to file with the US regulator to launch an exchange-traded fund (ETF) dedicated to Uniswap.
The fund targets exposure to Uniswap (UNI), the governance token of the leading decentralized exchange protocol. The ETF filing marks one of the pivotal moments for DeFi.
“The Trust’s investment objective is to seek to provide exposure to the value of Uniswap held by the Trust, less the Trust’s operating expenses and other liabilities,” states the filing Thursday with the U.S. Securities and Exchange Commission (SEC).
Uniswap is a decentralized exchange (DEX) built on Ethereum that offers intermediary-free token trading. Regulatory authorities are currently reviewing the Bitwise app.
Bitwise Forms Delaware Statutory Trust for Uniswap ETF
The asset manager initially registered a Delaware statutory trust for a potential Uniswap fund on Jan. 27, as a routine legal step that typically precedes an SEC filing.
UPDATE: Bitwise registers for a $UNI ETF in Delaware, indicating the filing could come soon. pic.twitter.com/4ObJo38PBv
-CW (@CW8900) January 28, 2026
UPDATE: Bitwise registers for a The move allowed Bitwise to pursue an ETF linked to a decentralized finance protocol to later move to a federal filing.
The registration follows the SEC dropping its investigation into Uniswap Labs, the Brooklyn-based company, in February 2025. The SEC accused Uniswap of operating as an unregistered securities exchange and issuing an unregistered security.
If approved by the regulator, the Coinbase Custody Trust Company will act as the custodian of the Bitwise Uniswap ETF.
Broader crypto market crisis sends UNI token down over 16%
UNI, Uniswap’s native token, fell 16.59% to $3.15 over the past 24 hours, underperforming a market sell-off.
This drop is part of a severe crypto-wide correction. Total market capitalization fell 9.84% in 24 hours, with the Fear & Greed Index hitting “Extreme Fear” at 5.
Additionally, a key factor was Bitcoin’s massive long-term liquidations of $1.03 billion, which forced leveraged positions to unwind across the board. UNI is trading at $3.15 at press time, according to CoinMarketCap data.
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