Nikolas Sargeant
Crypto asset manager Bitwise has filed with the US Securities and Exchange Commission to launch an innovative exchange-traded fund that bridges traditional equities with digital assets. The proposed "Stablecoin & Tokenization ETF" represents a novel approach to crypto investing, designed to track companies involved in stablecoin issuance and tokenization alongside direct cryptocurrency exposure.
The ETF structure features two equally weighted components, each comprising 50% of the fund. The equity sleeve will focus on companies directly connected to stablecoins and tokenization, including issuers, infrastructure providers, payment processors, and crypto exchanges. Meanwhile, the crypto asset sleeve will provide exposure to blockchain infrastructure supporting stablecoins and tokenization, with the largest crypto ETP capped at 22.5% of that portion.
This filing comes amid a significant expansion in both stablecoin and tokenization markets throughout 2025. The stablecoin sector has grown from $205 billion to nearly $290 billion, bolstered by regulatory clarity from the GENIUS Act passed in July. Similarly, tokenized real-world assets have surged to approximately $76 billion, driven by the Trump administration's more favorable stance toward crypto innovation.
The SEC has delayed decisions on most recent ETF proposals until October and November, with Bloomberg analysts suggesting Bitwise's fund could launch in November if approved. The filing positions Bitwise to compete with other hybrid crypto products while capitalizing on growing institutional interest in both stablecoins and asset tokenization as investable themes in the evolving digital asset landscape.
Bitwise Leads Altcoin ETF Push with Multiple Filings
Beyond the stablecoin and tokenization ETF, Bitwise has emerged as a frontrunner in the altcoin ETF space with multiple groundbreaking applications. The asset manager has filed for both a spot Chainlink ETF and made history with the first-ever NEAR Protocol ETF application with the SEC. The Chainlink filing seeks direct exposure to LINK tokens, while the NEAR Protocol ETF would track the performance of the layer-1 blockchain's native token, representing a watershed moment for alternative cryptocurrency ETF approvals.
Both applications name Coinbase Custody as the designated custodian, reflecting Bitwise's standardized approach to institutional-grade storage solutions. The NEAR ETF filing is particularly significant as it positions the high-performance blockchain among the vanguard of cryptocurrencies seeking regulated market access beyond Bitcoin and Ethereum. With LINK trading above $24 following recent gains, these filings demonstrate Bitwise's comprehensive strategy to capture institutional demand across different blockchain infrastructure categories, from oracle networks to scalable layer-1 platforms.
