Bitwise files for 11 “crypto strategy” ETFs, seeks broader token access for US investors
Crypto asset manager Bitwise has filed applications with the US Securities and Exchange Commission to launch 11 new exchange-traded funds that would broaden regulated access to a variety of cryptocurrencies. Unlike pure spot ETFs, the proposed products are structured as “crypto strategy” funds that mix direct holdings of the underlying token with exposure through other exchange-traded products and financial instruments.
How the funds would work
- Each fund could allocate up to 60% of its assets directly to the named cryptocurrency.
- The remaining allocation would be invested in related exchange-traded products, derivatives (including futures and swaps), or other instruments designed to track the asset’s performance.
- Bitwise says this blended structure aims to provide flexibility in managing exposure while operating within current regulatory constraints — effectively giving investors regulated access to tokens that have been harder to reach via traditional ETF wrappers.
The 11 tokens targeted
The filing names a diverse slate of tokens spanning smart-contract platforms, DeFi protocols and privacy networks:
- Aave
- Ethena (ENA)
- Hyperliquid (HYPE)
- NEAR
- Starknet (STRK)
- Sui
- Bittensor (TAO)
- Tron (TRX)
- Uniswap (UNI)
- Zcash (ZEC)
- Canton (CC)
Why this matters
If approved, the lineup would let US investors gain ETF-based exposure to ecosystems and DeFi projects that have typically been difficult to access through regulated investment vehicles. The move follows a broader industry shift toward crypto-linked ETFs after strong inflows into XRP products, which helped normalize ETF-based crypto exposure for mainstream investors.
Bitwise’s recent ETF push
Bitwise has been active in expanding its crypto ETF footprint: it launched a spot Solana ETF in the US in October, then rolled out ETFs tied to XRP and Dogecoin. It has also filed an S‑1 for a spot Sui ETF and submitted an amended filing related to a Hyperliquid ETF, underscoring continued efforts to broaden its product suite.
Market context and outlook
The filings arrive after a period of market volatility, with Bitcoin and broader crypto weakness late last year. Despite that, Bitwise remains upbeat. Chief Investment Officer Matt Hougan recently said he expects Bitcoin to break from its historical four-year cycle and reach new all-time highs in 2026. He cited factors including the diminishing effect of halving events, expectations for lower interest rates, fewer leverage-driven market collapses, and growing institutional participation helped by clearer regulation and an expanding array of regulated products like ETFs. Hougan also suggested Bitcoin’s correlation with equities could weaken over time as crypto-specific drivers—regulatory progress and institutional inflows—gain influence.
Bottom line
Bitwise’s 11 “crypto strategy” ETF filings reflect both growing institutional appetite for token exposure and product innovation to navigate regulatory realities. If cleared by the SEC, these funds would offer another regulated route for US investors to access a wider swath of the crypto ecosystem.
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