- Bitwise filed 11 hybrid crypto ETFs using direct tokens, ETPs, and derivatives for regulated exposure.
- Each ETF targets capital appreciation with a 60/40 split between tokens and ETPs or derivatives.
- Funds may launch in March 2026, pending SEC approval, with Coinbase as custodian.
Bitwise Asset Management has submitted a new round of exchange-traded fund applications to the U.S. regulator, signaling an expanded effort to bring a broader range of digital assets into regulated investment markets.
According to filing documents submitted to the U.S. Securities and Exchange Commission, Bitwise has applied for 11 cryptocurrency strategy ETFs covering AAVE, CC, ENA, HYPE, NEAR, STRK, SUI, TAO, TRX, UNI, and ZEC. The proposed funds are set to pursue capital appreciation and are scheduled to take effect on March 16, 2026, subject to regulatory approval.
While management fees and ticker symbols have not yet been disclosed, the filings outline a hybrid structure. Each ETF would seek exposure through a mix of direct token holdings, crypto-linked exchange-traded products (ETPs), and derivatives. The structure differs from Bitwise’s fully spot-backed products by combining multiple access methods within a single fund.
Allocation Framework and Use of Derivatives
The filings indicate that each ETF intends to allocate approximately 60% of assets to direct ownership of the applicable cryptocurrency. The remaining 40% would be invested in ETPs tracking the same asset, with additional exposure potentially achieved through derivatives such as futures contracts and swap agreements.
Under normal market conditions, each fund would invest at least 80% of its net assets plus borrowings in a combination of the applicable token, related ETPs, and derivatives referencing the same asset. This approach is intended to provide regulated exposure while maintaining flexibility in how positions are constructed.
As outlined in the Bitwise AAVE Strategy ETF filing, the fund may use both direct and indirect investments tied to the Aave ecosystem, including derivatives that reference AAVE or AAVE-linked ETPs.
Custody and Exchange Listing Plans
Bitwise has named Coinbase Custody Trust Company LLC as the custodian for the proposed ETFs, aligning with custody arrangements used across several of its existing crypto investment products.
If approved, the funds are expected to list on NYSE Arca. The filings state that trading symbols will be determined before the commencement of trading.
Related: Bitwise and 21Shares to Launch Spot XRP ETF: Is XRP Price Rebound Next?
Regulatory Context and Recent Approvals
The applications arrive with the continued regulatory scrutiny of crypto-based exchange-traded products. The SEC approved 11 spot Bitcoin ETFs in January 2024, establishing a precedent for crypto ETF oversight.
Earlier this year, Bitwise also received expedited approval for a combined spot Bitcoin and Ethereum ETF after the SEC accepted NYSE Arca’s 19b-4 filing, which allowed for listing and trading within 45 days.
In recent months, Bitwise has launched and filed for several additional products, including a Solana staking ETF and an XRP ETF. The firm has also submitted a Form S-1 for a Sui-focused ETF and is awaiting approval for the Bitwise 10 Crypto Index ETF, which would track the top ten cryptocurrencies by market capitalization.
Related:Bitwise Solana ETF Extends Record Debut, Sees $72M Volume on Day Two
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Source: https://coinedition.com/bitwise-files-11-crypto-strategy-etfs-with-hybrid-token-structure/
