Bitwise Asset Management is taking another step to bridge Wall Street and blockchain. On September 16, the firm filed with the U.S. Securities and Exchange Commission (SEC) to launch what would be the first U.S. exchange-traded fund (ETF) dedicated to stablecoins and tokenized assets.
A First-of-Its-Kind ETF
The proposed Bitwise Stablecoin & Tokenization ETF would be structured as an actively managed “40 Act” fund under the Investment Company Act of 1940, according to the SEC filing.
Bitwise, which manages over $15 billion in assets, says the ETF will track its newly developed Stablecoin and Tokenization Index, giving investors diversified exposure to both companies and crypto-linked products driving growth in these sectors.
How the Fund is Structured
The ETF will split its portfolio evenly between two categories:
- Equity Sleeve (50%)
- 20 to 30 publicly traded companies involved in stablecoin issuance, payments infrastructure, tokenization exchanges, and related services.
- Companies most heavily tied to these sectors will be capped at 15% of the fund to limit concentration risk.
- Crypto-Linked Products (50%)
- Exchange-traded products tied to blockchain infrastructure.
- Up to 5% exposure to oracle tokens that connect off-chain and on-chain data.
- No single holding can exceed 22.5% of the index.
- Portfolio rebalanced quarterly.
Bloomberg ETF analyst Eric Balchunas noted the fund could potentially launch as soon as late November around Thanksgiving thanks to the relatively streamlined review process for 40 Act funds.
Bitwise has not yet disclosed management fees but emphasized that the ETF is meant to bridge traditional finance with emerging crypto markets.
Why Now? Stablecoins and Tokenization Are Booming
The timing of the filing comes as both stablecoins and tokenized assets are surging in growth.
- Stablecoins: Supply now sits around $290 billion, boosted by the passage of the GENIUS Act in July, which provided long-awaited regulatory clarity for issuers.
- Tokenized Real-World Assets (RWAs): Market value has climbed to nearly $30 billion, with growing adoption by institutions and retail investors.
Even the regulatory mood is shifting. SEC Chair Paul Atkins has publicly called tokenization an “innovation,” signaling policy support under the Trump administration.
Competitive Edge
If approved, the Bitwise ETF would stand apart from other crypto-related funds such as Nicholas Wealth’s Crypto Income ETF (BLOX) by being the first U.S. product explicitly targeting stablecoins and tokenization.
For Bitwise, which already operates more than 20 crypto-focused ETFs, the move reflects a push to stay ahead of institutional demand for safe, regulated access to blockchain-based financial products.
