Crypto asset manager Bitwise has taken a major step toward bringing decentralized finance into traditional markets after filing with the US Securities and Exchange Commission (SEC) to launch a Uniswap-focused exchange-traded fund (ETF).
Bitwise just filed for a spot Uniswap ETF pic.twitter.com/W3WlLwiA7v
— Eric Balchunas (@EricBalchunas) February 5, 2026
If approved, the fund would give investors direct exposure to Uniswap’s governance token, UNI, making it the first ETF tied exclusively to a decentralized exchange protocol. In its filing on Thursday, Bitwise said the trust aims to track the value of UNI held by the fund, minus operating expenses and liabilities.
Uniswap operates as a decentralized exchange (DEX) on Ethereum, allowing users to swap tokens without relying on a central intermediary. The SEC is currently reviewing the application.
Regulatory shift and market slump weigh on UNI price
Ahead of the filing, Bitwise registered a Delaware statutory trust for the Uniswap ETF on January 27, a routine legal step that typically signals an upcoming federal submission. Coinbase Custody Trust Company has been named as the proposed custodian if the ETF gains approval.
The filing comes after the SEC dropped its investigation into Uniswap Labs in February 2025. The Brooklyn-based firm had previously been accused of operating as an unregistered securities exchange and issuing an unregistered security, but regulators ultimately backed away from the case.
UNI slides as crypto market enters extreme fear zone
Despite the regulatory progress, UNI has come under heavy selling pressure. The token fell 16.59% in the past 24 hours to $3.15 according to CoinMarketCap, underperforming the broader market amid a sharp crypto-wide correction.
Total crypto market capitalization dropped nearly 10% over the same period, while the Fear & Greed Index slipped to an “Extreme Fear” reading of 5. Analysts pointed to over $1 billion in Bitcoin long liquidations as a key trigger that forced leveraged positions to unwind across the market, dragging UNI lower alongside other assets.
Meanwhile, Uniswap Labs announced in January that it is bringing token auctions directly into its web application. Users can discover, bid on, and claim tokens from project launches via a new “Auctions” tab located on the Explore page.
Enjoyed this piece? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads and CoinMarketCap Community for seamless access to high-quality industry insights.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
