Bitwise Asset Management has filed with the SEC for 11 cryptocurrency strategy ETFs covering tokens including AAVE, UNI, ZEC, and TAO.
The Form N-1A applications propose funds that invest up to 60% directly in underlying tokens.
The remaining 40% would be allocated to exchange-traded products and derivatives such as futures and swaps.
Grayscale simultaneously submitted an S-1 filing to convert its Bittensor Trust into an exchange-traded product.
What Happened
Bitwise filed applications on December 30, 2025, for strategy ETFs tracking AAVE, Uniswap, Zcash, Bittensor, Sui, NEAR, Tron, Ethena, Hyperliquid, Starknet, and Canton.
Each fund would hold at least 60% of assets directly in the spot cryptocurrency, with the remainder in related ETPs or derivatives.
The funds require SEC approval before launch, with no set timeline for regulatory decisions.
Grayscale filed to convert its $7.9 million Bittensor Trust into an ETF trading under ticker GTAO on NYSE Arca.
Chairman Barry Silbert stated the move reflects how quickly decentralized AI is evolving.
Bittensor operates as an open network using crypto-economic incentives to coordinate machine learning development.
The filings follow SEC's October 2025 introduction of generic listing standards for crypto ETFs.
Why It Matters
Asset managers are rapidly expanding beyond Bitcoin and Ethereum following successful spot ETF launches.
Bitwise has already introduced spot ETFs for Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP, and Dogecoin (DOGE).
The 60% direct investment structure creates tangible buy-side demand for underlying tokens.
It provides institutional investors regulated access without managing private keys or navigating crypto exchanges.
The simultaneous TAO filings signal growing institutional interest in AI-related crypto assets.
Bittensor rewards contributors of machine learning models and computing power with TAO tokens.
The network's market capitalization stands at approximately $2.3 billion.
These applications represent the first wave of regulated products targeting DeFi governance tokens and decentralized AI infrastructure.
