Bitwise Submits 11 Crypto ETF Filings to SEC in One Day

Bitwise Funds Trust has made headlines on December 30 by filing registration statements with the SEC for eleven strategy-oriented exchange-traded funds (ETFs) aimed at major blockchain protocols. This is one of the largest single-day crypto ETF filing events in the history of the industry.

Key Takeaways

Bitwise Funds has filed for eleven crypto ETFs, one of the largest single-day filing events.
Funds will trade on NYSE Arca and use a hybrid structure combining direct token holdings with ETPs.
The ETFs target various blockchain sectors, including decentralized finance, layer-2 solutions, and privacy networks.
Institutional access is facilitated by major financial partners, but risks remain in regulatory classification.
Bitwise remains optimistic about Bitcoin's future despite market volatility.

Bitwise Submits 11 Crypto ETF Filings to SEC in One Day

The funds, which are set to become effective 75 days post-filing, will be traded on NYSE Arca. They will provide exposure to governance, utility, and native tokens using a hybrid investment approach that mixes direct holdings with European exchange-traded products (ETPs).

These filings come as asset managers compete to gain market share after the SEC’s introduction of standardized listing rules for crypto ETFs in October 2025, which sped up the process of launching new products by eliminating the need for individual approvals.

Diverse Focus of Bitwise’s ETF Offerings

The eleven newly proposed funds cover a wide range of blockchain areas, each focusing on specific protocols.

For example, the Bitwise AAVE Strategy ETF specializes in decentralized lending, whereas the Bitwise UNI Strategy ETF is designed around Uniswap’s decentralized exchange and its Unichain Layer-2 network.

Other notable inclusions are the Bitwise NEAR Strategy ETF, which focuses on NEAR’s sharded architecture, and the Bitwise SUI Strategy ETF, which targets the Move-based blockchain developed by Mysten Labs.

Layer-2 solutions are represented by the Bitwise STRK Strategy ETF that utilizes Starknet’s ZK-STARK technology, while the Bitwise ZEC Strategy ETF focuses on privacy through Zcash’s zk-SNARK implementation.

The range of strategies also includes specialized protocols, such as the Bitwise TAO Strategy ETF for Bittensor’s AI marketplace, the Bitwise ENA Strategy ETF for Ethena’s synthetic dollar protocol, and additional funds covering Canton Network, Hyperliquid, and the TRON blockchain.

Bitwise Crypto ETF Filings - SEC Filing

All funds will use similar investment strategies, allocating up to 60% in direct token holdings and at least 40% to ETPs tying to token performance via fully collateralized debt securities.

These funds will maintain a minimum of 80% exposure to designated tokens, related ETPs, and derivatives under normal conditions, with a possible 25% allocation to subsidiaries in the Cayman Islands for tax efficiency and derivative access.

Institutional Management and Regulatory Challenges

Bitwise Investment Manager serves as the advisor for all the funds, with portfolio management shared among Jennifer Thornton, Daniela Padilla, and Gayatri Choudhury.

The Bank of New York Mellon manages administration and custody for traditional securities, while Coinbase Custody Trust Company and BitGo Europe GmbH are responsible for safeguarding digital assets.

While the funds operate under a unitary fee structure, the specific percentages associated with these fees were not disclosed in the filing.

Even with a professional framework in place, these products do come with substantial risks. Regulatory ambiguity continues over whether certain tokens are classified as securities or commodities, which could lead to fund dissolution if legal classifications change.

Furthermore, the ETP exposure also introduces risks related to issuer defaults and valuation challenges, especially due to the time zone differences between U.S. and European markets.

It is noteworthy that these funds aim to qualify as Regulated Investment Companies (RICs), which would allow them to avoid federal taxation at the fund level as long as income is distributed to shareholders.

Creation and redemption of shares primarily utilize cash transactions instead of in-kind transactions, which could lead to higher capital gains distributions compared to traditional ETF structures.

Shares will be traded throughout the day at market prices that may differ from the net asset value.

Impact of Altcoin Products on the ETF Ecosystem

Bitwise’s recent filing is part of its aggressive move into the ETF market, building on prior launches such as the Bitwise Dogecoin ETF, which has garnered significant assets despite its non-1940 Act classification and lower investor protections.

This round of filings aligns with Bitwise’s prediction that more than 100 crypto ETFs could launch by 2026 as the new generic listing standards reduce approval hurdles.

The firm has also submitted proposals for products tracking NEAR and Chainlink, with the latter showing signs of an imminent launch as it appears on the DTCC registry.

Recent shifts in market structure have accelerated institutional access to cryptocurrency investments. During 2025, ETFs for Solana, XRP, and Dogecoin were launched, with the Bitwise Solana Staking ETF amassing over $660 million within three weeks without any outflows.

In a related development, Bank of America has recently allowed its advisors to recommend Bitcoin ETFs to clients. This may channel parts of the bank's $3.5 trillion in managed assets into digital assets, especially as regulatory clarity improves under new SEC leadership.

Bitwise Remains Optimistic Amid Market Fluctuations

Bitwise Chief Investment Officer Matt Hougan expresses optimism that Bitcoin will achieve new all-time highs in 2026, breaking the traditional four-year cycle through consistent institutional investment.

He indicates that Bitcoin's decreasing volatility—now lower than shares of Nvidia—reflects a more mature investor base, as traditional finance players like Morgan Stanley, Wells Fargo, and Merrill Lynch consider Bitcoin allocations.

Hougan also anticipates a decade marked by steady gains instead of explosive market rallies, driven primarily by structural changes in the market and regulatory clarity, rather than retail speculation.