Bitwise Asset Management intensified its effort to bring more digital assets into regulated markets by filing applications with the U.S. Securities and Exchange Commission (SEC) for 11 new cryptocurrency exchange-traded funds (ETFs). Key details such as ticker symbols and expense ratios are still pending, but the proposed funds aim to gain exposure through a mix of direct cryptocurrency holdings, crypto-linked exchange-traded products (ETPs), and derivatives. The SEC noted that the primary objective of these ETFs is capital appreciation.
Targeted Crypto Tokens and Launch Timeline
According to the filings, the ETFs will focus on tokens including AAVE, CC, ENA, HYPE, NEAR, STRK, SUI, TAO, TRX, UNI, and ZEC, with the products expected to take effect on March 16, 2026. These filings highlight Bitwise’s ambition to diversify beyond Bitcoin and Ethereum, giving investors access to a broader range of high-potential digital assets.
Investment Strategy and Allocation Approach
The proposed ETFs plan to allocate approximately 60% of their assets directly into the underlying cryptocurrency. The remaining 40% would be invested in ETPs tracking the same asset, while additional exposure may be obtained through derivative instruments such as futures contracts and swap agreements. Under typical market conditions, at least 80% of each fund’s net assets, including borrowings, will be allocated across the primary token, token-linked ETPs, and associated derivatives. Derivative positions will be valued at notional value to comply with the investment policy.
Trading will occur both on digital asset exchanges and through over-the-counter agreements with approved, independent trading counterparties, ensuring liquidity while adhering to regulatory standards.
Regulatory Context and SEC Oversight
Bitwise’s filings arrive amid increased SEC scrutiny of crypto ETFs. The agency has gradually approved spot Bitcoin and Ethereum ETFs, setting a framework for new products. In January 2024, the SEC approved eleven spot Bitcoin ETFs, marking a major milestone for regulated crypto investments. The SEC has also suggested that certain cryptocurrencies beyond Bitcoin may be classified as securities.
Earlier in 2025, Bitwise received expedited approval for its spot Bitcoin and Ethereum ETF, bypassing the typical 240-day review period and gaining approval within just 45 days of filing. On January 30, 2025, NYSE Arca’s 19b-4 filing allowed the fund, which holds Bitcoin, Ethereum, and cash reserves weighted by market capitalization, to be listed and traded. The SEC emphasized that the ETF qualified for rapid approval due to its similarity to previously authorized spot crypto ETFs.
Challenges and Market Implications
In July 2025, the SEC approved Bitwise’s plan to convert its Bitwise 10 Crypto Index Fund (BITW) into a spot ETF, though the approval was later paused, raising questions about regulatory requirements for crypto products. A similar scenario occurred with Grayscale’s Digital Large Cap Fund, which tracks BTC, ETH, XRP, SOL, and ADA; the SEC initially approved it but subsequently halted its launch.
Grayscale described the suspension as unexpected, noting it reflects the evolving regulatory landscape for first-of-its-kind digital asset investment products. The company remains committed to listing the fund on NYSE Arca and continues to engage with regulators and stakeholders to secure final approval.
