Bitwise Files Delaware Trust for Potential Uniswap ETF Amid Shifting SEC Stance

Asset management firm Bitwise has registered a Delaware statutory trust under the name Bitwise Uniswap ETF, signaling early preparation for a potential exchange-traded fund linked to the Uniswap protocol. The state-level filing creates a legal vehicle that could later be used for a federal ETF application, though no submission has been made to the U.S. SEC so far.

Such trust registrations are a common procedural move in the ETF industry and are often filed months or even years before any formal SEC review begins. In many cases, these entities remain dormant, serving only as optionality should market or regulatory conditions improve.

Regulatory Backdrop Shifts After SEC Probe Closure

Bitwise’s move comes nearly a year after the SEC closed its investigation into Uniswap Labs in February 2025. The probe had examined whether activity tied to the decentralized exchange violated U.S. securities laws, forming part of the regulator’s broader enforcement push into decentralized finance.

With that case now resolved, analysts say the regulatory discussion has shifted away from legality and toward market structure, liquidity, and execution quality. Any ETF tied to a decentralized protocol like Uniswap would need to demonstrate reliable pricing mechanisms, sufficient trading depth, and monitoring frameworks that satisfy regulatory expectations.

Structural and Governance Challenges Remain

Despite being one of the most liquid decentralized exchanges, Uniswap faces ongoing structural questions. Trading activity is spread across multiple pools, complicating price discovery and oversight. Governance has also become a growing point of contention within the community.

Concerns escalated after Uniswap Labs launched Unichain without prior DAO approval. This was followed by the UNIfication governance vote in late December 2025, which merged the Uniswap Foundation into Uniswap Labs. While the proposal passed, critics argue the move weakened DAO independence and shifted control closer to the core development team.

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UNI Price Under Pressure, But Activity Holds Up

These governance debates are unfolding against a backdrop of weak market performance for UNI. The token is currently trading near $4.78, down roughly 60% over the past year, with its market capitalization falling by more than $4.1 billion. As a result, UNI has slipped to around 32nd among the largest crypto assets.

However, network activity remains strong. Uniswap processed approximately $859 million in trading volume over the past 24 hours, and Token Terminal data shows the protocol handled nearly $1 trillion in volume over the past year.

Sentiment Signals a Potential Reversal

Interestingly, sentiment data suggests UNI may be nearing a short-term inflection point. Analytics firm Santiment recently highlighted unusually high negative commentary around the token compared to other altcoins, a pattern that has historically preceded short-term rebounds as retail selling pressure fades.

For now, Bitwise’s filing adds another layer of intrigue, positioning Uniswap at the intersection of institutional interest, governance debate, and shifting regulatory priorities.

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