Bitwise Seeks SEC Approval for Stablecoin & Tokenization ETF

Bitwise Asset Management has filed with the U.S. Securities and Exchange Commission (SEC) to launch the “Stablecoin & Tokenization ETF,” an exchange-traded fund aimed at capturing growth in two of the crypto industry’s fastest-rising sectors.

According to a Tuesday filing, the fund will track an index made up of companies tied to stablecoins and tokenization, dividing holdings into two equally weighted halves. One half, the equity sleeve, focuses on firms directly involved in stablecoins and tokenized assets, such as issuers, infrastructure providers, payment processors, exchanges, and retailers. 

The other half, the crypto asset sleeve, offers exposure to blockchain infrastructure supporting these technologies, including oracles and regulated crypto exchange-traded products (ETPs) linked to Bitcoin and Ether.

How the ETF Will Be Structured

The index will be rebalanced quarterly, with no single crypto ETP allowed to exceed a 22.5% weight. To qualify for the crypto asset sleeve, the index provider must first determine that an asset meets its definition of a “Crypto Asset,” according to the prospectus. Bitwise, which manages more than 20 U.S.-listed crypto ETFs, declined to comment on the filing, citing SEC rules on active proposals.

The new fund will face competition from products such as the Nicholas Wealth Crypto Income ETF (BLOX), which also mixes equities with crypto-linked investments. If approved, Bitwise’s fund would expand the firm’s lineup of specialized digital-asset strategies and give investors diversified access to the rapidly growing stablecoin and tokenization markets.

Growing Momentum Behind Stablecoins and Tokenization

Stablecoins—digital tokens pegged to traditional currencies—have surged since the U.S. passed the GENIUS Act in July, which set a regulatory framework for the sector. Data from DeFiLlama shows the stablecoin market jumped from $205 billion in January to nearly $290 billion as of this week, a 23% increase in just over eight months.

Tokenized real-world assets (RWAs) have followed a similar trajectory. Bonds, credit instruments, and other traditional assets issued and traded on blockchains reached roughly $76 billion in value last week, reflecting growing investor interest.

The expansion has been fueled by a friendlier policy climate under President Donald Trump’s administration. In July, SEC Chair Paul Atkins called tokenization an “innovation” worthy of support. That stance has sparked a rush of crypto-related ETF filings, from traditional Bitcoin and Ether products to mixed strategies like Bitwise’s latest proposal.

The SEC has delayed most crypto ETF decisions until October and November. Bloomberg analyst Eric Balchunas said Bitwise’s Stablecoin & Tokenization ETF could debut as early as November if regulators give the green light.