In a groundbreaking move for the decentralized finance (DeFi) sector, Bitwise, an asset management firm, has filed for a Delaware statutory trust under the name Bitwise Uniswap ETF. This signals early preparation for an exchange-traded fund (ETF) linked to the Uniswap protocol, one of the most popular decentralized exchanges in the cryptocurrency space.
What Does the Filing Mean?
Although Bitwise has yet to submit an official ETF application to the U.S. Securities and Exchange Commission (SEC), this action marks a strategic step towards potential federal approval. Trust filings, such as this one, are a routine first step and often serve as a placeholder while companies wait for improved market or regulatory conditions.
Notably, this move follows the closure of the SEC’s investigation into Uniswap Labs in early 2025. The investigation centered around compliance with U.S. securities laws. With this chapter now closed, the focus has shifted to essential discussion points like market structure, liquidity, and execution quality—all critical components for potential ETF approval.
Challenges and Opportunities for Uniswap
While Uniswap stands out as one of the most liquid decentralized exchanges, it faces notable challenges. Trading activity is distributed across multiple liquidity pools, which complicates oversight and price discovery. Moreover, recent governance changes have sparked debates about decentralization and control.
For instance, the controversial UNIfication governance vote in late 2025 merged the Uniswap Foundation into Uniswap Labs, raising concerns about decentralization. Critics argue that such moves could centralize decision-making authority, which contradicts the ethos of DeFi platforms.
UNI Token Performance: A Mixed Bag
The native token of Uniswap, UNI, is currently underperforming. Trading at approximately $4.78 as of now, the token has registered a significant decline of 60% over the past year. Its market capitalization has also shrunk by over $4.1 billion, slipping to the 32nd spot among leading cryptocurrencies.
However, it’s not all doom and gloom. Uniswap remains highly active, processing $859 million in 24-hour trading volume. In the last year alone, the protocol facilitated nearly $1 trillion in transactions. According to analytics firm Santiment, the prevailing bearish narrative may be nearing an inflection point. Historically, spikes in negative sentiment have led to short-term recoveries driven by reduced retail selling pressure.
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The Big Picture
Bitwise’s trust filing exemplifies the evolving landscape of DeFi and cryptocurrency. While regulatory approval for any Uniswap-linked ETF is still a distant goal, the move underscores institutional interest in decentralized protocols. With robust trading activity and growing mainstream attention, Uniswap remains a significant player in the DeFi ecosystem.
As the crypto world continues to evolve, staying informed is paramount. Follow platforms like CoinPedia for the latest updates, insights, and analysis on Bitcoin, altcoins, DeFi, NFTs, and more.
