Bitwise Files for Spot Uniswap ETF, Price Reacts

Industry participants might be focused on the current market meltdown, but Bitwise is choosing to position in the DeFI world through Uniswap. In a recent update, it was revealed that Bitwise has filed for a spot Uniswap ETF, a rare feat considering the current market outlook.

Bitwise Uniswap ETF merits

Bitwise Uniswap ETF’s registration statement was filed on Feb. 5 with the United States Securities and Exchange Commission (SEC). 

Per the filing, Bitwise said the UNI fund will not include staking to start, but it plans to add it later if needed. 

“The Trust’s investment objective is to seek to provide exposure to the value of Uniswap held by the Trust, less the expenses of the Trust’s operations and other liabilities,” according to the statement.

Having co-pioneered other major crypto ETFs, the choice of Uniswap was not far-fetched. UNI is the native token of the Uniswap decentralized exchange. As the leading DEX, UNI offers a unique value proposition.

Among other uses, UNI helps to offer an incentive on the exchange and as a governance token. Per the filing, Bitwise has enlisted Coinbase Custody Trust Company LLC as the custodian for the fund if approved.

UNI price reacts

Despite the positive ETF update, the price of Uniswap has generally underperformed, in line with market realities.

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As of writing time, the token was changing hands for $3.33, down by 7.91% in the past 24 hours. This price level is the worst it has recorded since June 2024. 

The sell-off has, however, not impacted other crucial metrics like trading volume, which has jumped by more than 90% to $692.7 million.

Uniswap has been in the news lately, with a recent update hinging on Binance setting a new listing standard for UNI. With the Bitwise ETF and other key market advances, the UNI price may clear its biggest deficit in the weeks to come.