Bitwise has filed an S-1 registration statement with the US Securities and Exchange Commission for what the source describes as the first spot Uniswap ETF. The filing, submitted on February 5, 2026, is designed to offer institutional investors regulated exposure to UNI, the governance token of Uniswap, the largest decentralized exchange.
Delaware registration came before the SEC filing
Before sending the formal paperwork to the SEC, Bitwise had already registered a Uniswap ETF entity in Delaware on January 27. That step is commonly used to set up the legal structure needed for a future application. The source also makes clear that this registration did not mean approval had been granted, nor did it indicate that trading was close.
According to the filing details cited in the report, the proposed fund would track the price of UNI directly. It would not include staking at launch. Bitwise said staking could be added later if regulatory clarity improves. Coinbase Custody Trust Company has been selected as the custodian.
UNI fell with the wider market despite the ETF milestone
The filing landed during a sharp market sell-off. UNI fell by more than 12% in 24 hours and traded near $3.25, moving in line with the broader weakness across altcoins. The report points to a market-wide decline rather than a UNI-specific reaction.
Across crypto, total market capitalization dropped by more than 8%. Bitcoin also fell by more than 8% and slipped below the key $65,000 level as a macro-driven liquidation wave hit the market. The source says more than $513.4 million was wiped out from the crypto ETF market, while the Fear & Greed Index fell to 5, classified as Extreme Fear. Trading volume jumped nearly 87%, a sign of heavy selling pressure.
A DeFi token enters the ETF review pipeline
The report frames the move as another regulatory step for altcoin ETF products after filings tied to Hyperliquid, Chainlink, Litecoin, Avalanche, and SUI. What makes this case stand out is the asset itself: UNI is a major DeFi governance token. That makes the application a formal attempt to place a leading decentralized finance token inside an ETF wrapper.
If approved, the product could open a regulated access route to DeFi exposure for institutions. For now, though, the filing remains in the review process, and short-term price action continues to reflect broader market stress rather than the long-term implications of the application.