Bitwise Asset Management has filed registration statements with the US Securities and Exchange Commission to launch 11 single-token strategy crypto exchange-traded funds, marking one of the most expansive attempts yet to bring altcoin exposure into the US ETF market. The proposed funds would provide targeted exposure to individual crypto assets, including Aave, Uniswap, Zcash, Bittensor, Sui, and Near, among others.
Unlike traditional spot crypto ETFs, the filings describe the products as strategy ETFs. Each fund would follow a rules-based approach combining direct holdings of the underlying token with exposure obtained through exchange-traded products and, in some cases, derivatives. The structure is designed to operate within existing regulatory frameworks while offering investors more precise exposure to specific digital assets.
Structure and Regulatory Positioning
According to the filings, each strategy ETF would invest up to 60 percent of assets directly in the relevant cryptocurrency, with at least 40 percent allocated to securities issued by exchange-traded products that reference the same asset. This blended approach differentiates the products from pure spot vehicles and may offer greater flexibility under current SEC interpretations.
The strategy format also reflects the regulatory environment facing crypto issuers. While spot bitcoin and ether ETFs have gained approval, direct access to many altcoins remains constrained. By using a combination of spot holdings and securities exposure, Bitwise appears to be positioning these products as an incremental step rather than a regulatory leap.
Fit Within Bitwise’s Product Lineup
Bitwise already operates a broad US ETF lineup spanning spot crypto funds, index products, and futures-based strategies. Its existing offerings include spot Bitcoin, Ether, Solana staking, and XRP ETFs, alongside diversified vehicles such as the Bitwise 10 Crypto Index ETF and crypto equity funds that hold publicly listed companies.
The proposed single-token strategy ETFs would add a more concentrated layer to that shelf. Rather than offering diversified exposure, each fund would focus on one protocol or ecosystem, applying a consistent framework across decentralized finance, artificial intelligence-related tokens, and layer-1 networks. This approach targets investors seeking precision rather than broad market coverage.
Competitive and Market Context
Bitwise’s filings come amid a broader wave of crypto ETF and ETP activity as issuers compete to define the next phase of regulated digital asset exposure. Firms including VanEck, Grayscale, and 21Shares have recently filed for or launched products tied to altcoins such as Solana, XRP, and thematic sectors like AI and DeFi.
While many competitors are pursuing one-off products, Bitwise’s proposal stands out for its scale and uniform design. If approved, the 11-fund suite would represent a significant expansion of altcoin access within US-listed ETFs, reflecting growing institutional interest even as regulatory scrutiny remains high.