#BitwiseFilesforUNISpotETF Bitwise Moves to Bridge DeFi & Wall Street

Big news in the DeFi space: Bitwise Asset Management officially filed an S-1 registration statement with the U.S. SEC on February 5, 2026, for the Bitwise Uniswap ETF. This would be the first spot ETF tracking the price of Uniswap’s governance token (UNI).
If approved, the ETF would allow traditional investors to gain direct exposure to UNI’s spot price via brokerage accounts, without needing to hold the token themselves. Custody would be handled by Coinbase Custody (initially no staking, but that could be added later). This move represents a major step toward integrating DeFi protocols with regulated Wall Street products.
Why This Matters
Institutional Push into DeFi:
Beyond Bitcoin and Ethereum, this filing signals growing interest in leading DeFi tokens like UNI. Uniswap remains the top decentralized exchange by volume, and the ETF could broaden institutional participation in the DeFi ecosystem.
Liquidity & Visibility Boost:
Approval could attract billions in institutional capital, similar to the transformative impact of early BTC and ETH spot ETFs.
Long-Term Legitimacy:
It validates Uniswap as “real” financial infrastructure, beyond just speculative crypto.
Important Caveat:
A filing is not approval. SEC review could take months or longer, depending on custody arrangements, market structure, compliance, and broader crypto regulations. Many filings face delays or outright rejection.
Current UNI Market Stats (Early February 2026)
Price: ~$3.30 – $3.58 USD (volatile; dipped to ~$2.95–$3.00 post-filing, now recovering slightly)
24h Price Change: Down ~7–16% in the immediate aftermath, reflecting broader altcoin pressure rather than a rejection of the filing
24h Trading Volume: Spiked 90%+ (~$692M), with some reports citing ~$200M directly tied to ETF hype
Market Cap: ~$2.0B – $2.3B (circulating supply ~630–634M UNI, out of ~1B max/FDV ~$3.1–$3.2B)
On-Chain Activity: Daily UNI token burns remain high — over 100M tokens burned historically, accelerating recently, showing robust fee accrual and protocol usage
Despite the price dip, high trading volume and record token burns indicate strong underlying protocol activity and potential long-term support from reduced supply.
Market Reaction & Discussion
The filing caused an immediate surge in volume, but the price dropped sharply, hitting multi-year lows. Why?
Broader crypto market weakness overshadowed the news
UNI was already in a downtrend; sellers dominated
Unlike BTC filings, altcoins have no guaranteed “ETF pump” — markets are cautious
Longer-Term Outlook
Bullish Case:
ETF approval could drive UNI toward $4+, boost liquidity, and increase mainstream adoption.
Bearish Case:
Delays or SEC rejection, combined with a continuing bear market, could extend downward pressure.
Neutral/Realistic:
The filing validates DeFi as a growing asset class, but price recovery depends on broader market conditions.
Takeaway
Bitwise is making a big bet on UNI as a regulated investment play. Volume surged on ETF news, but the price remains weak, reflecting market fear — a classic “buy the rumor, sell the news” moment.