Crypto News Today: Bitwise Files With U.S. SEC for 11 Single-Token ‘Strategy’ Crypto ETFs

Crypto asset manager Bitwise has filed with the U.S. Securities and Exchange Commission to launch 11 single-token “strategy” crypto exchange-traded funds (ETFs), signaling a broader push into altcoin-focused products beyond bitcoin and ether.The filings seek approval for ETFs tied to individual tokens including Aave (AAVE), Uniswap (UNI), Zcash (ZEC), Bittensor (TAO), Sui (SUI), Near (NEAR) and several others. If approved, the products would give U.S. investors regulated ETF exposure to assets that have largely remained accessible only through crypto-native trading venues.Strategy ETFs blend spot holdings with indirect exposureAccording to the SEC filings, each product is structured as a “Strategy ETF” rather than a straightforward spot fund.Under the proposed framework, each ETF would:Invest up to 60% of assets directly in the underlying cryptocurrencyAllocate at least 40% to securities issued by one or more exchange-traded products (ETPs) that invest in or track the same tokenPotentially use derivatives, such as futures or swaps, to manage exposure and trackingThis hybrid structure differentiates the funds from plain-vanilla spot ETFs and allows Bitwise to combine direct ownership with indirect exposure mechanisms within a rules-based framework.How the filings differ from Bitwise’s existing ETF lineupBitwise’s current U.S. offerings largely focus on:Spot crypto ETFs, including products linked to bitcoin, ethereum, solana and XRPCrypto equity strategies, such as the Bitwise Crypto Industry Innovators ETFIndex products, including the Bitwise 10 Crypto Index ETFFutures-based strategies built around CME-listed contractsBy contrast, the proposed single-token strategy ETFs would each concentrate on one underlying asset, applying the same exposure template across a family of altcoins spanning decentralized finance, artificial intelligence and layer-1 ecosystems.Rather than diversification across assets, the new funds are designed to offer targeted, single-token exposure within a regulated ETF structure.Part of a broader wave of altcoin ETF and ETP filingsBitwise’s move comes as issuers increasingly look beyond bitcoin and ether following the strong inflows into spot ETFs tied to the two largest cryptocurrencies.On the same day as Bitwise’s filings, Grayscale submitted an application to convert its Bittensor trust into an exchange-traded product, highlighting growing investor interest in decentralized AI-related crypto assets.Over recent months, asset managers including Bitwise, VanEck and 21Shares have filed or launched products linked to altcoins such as Solana (SOL), XRP, Dogecoin (DOGE) and Avalanche (AVAX), as well as thematic vehicles focused on AI and DeFi.While most issuers have pursued one-off altcoin products, Bitwise’s proposal stands out for its scope: an 11-fund suite built around a common strategy template, aimed at giving U.S. investors systematic ETF access to a broad range of altcoins.Expanding beyond bitcoin and etherThe filings underscore how quickly ETF issuers are expanding their product shelves following the normalization of crypto ETFs in U.S. markets.With regulatory pathways now established for spot bitcoin and ethereum funds, issuers are increasingly testing how far the ETF wrapper can be extended — from single-token exposure to emerging themes such as decentralized AI, DeFi and alternative layer-1 networks.Whether the SEC approves Bitwise’s strategy-based structure could shape how aggressively asset managers move to package altcoins into ETFs in the next phase of crypto market development.