Bitwise Eyes Stablecoin & Tokenization ETF Approval

Bitwise Files for Stablecoin & Tokenization ETF

Bitwise, a prominent crypto asset manager, has submitted a filing to the U.S. Securities and Exchange Commission (SEC) for a new exchange-traded fund (ETF). The proposed "Stablecoin & Tokenization ETF" (ticker symbol not yet available) will focus on companies involved in the burgeoning stablecoin and real-world asset (RWA) tokenization sectors.

The filing, dated Tuesday, outlines the ETF's strategy to track an index composed of firms operating in various segments, including stablecoin issuers, infrastructure providers, payment processors, exchanges, and even regulated crypto exchange-traded products (ETPs) with exposure to Bitcoin (BTC) and Ether (ETH).

ETF Structure and Strategy

The index will undergo quarterly rebalancing and be divided into two equally weighted sections:

• Equity Sleeve: This portion will concentrate on companies most directly associated with stablecoins and tokenization initiatives.
• Crypto Asset Sleeve: This segment aims to provide exposure to the blockchain infrastructure underpinning stablecoins and tokenization, including blockchain oracles.

According to the prospectus, a key requirement for inclusion in the Crypto Asset Sleeve is that the asset must be determined to be a crypto asset by the Index Provider. The largest crypto ETP within this sleeve will be capped at 22.5%.

Competition and Market Context

Bitwise's proposed ETF enters a competitive landscape, with existing products such as Nicholas Wealth’s Crypto Income ETF (BLOX) already offering combined equity and crypto exposure. Bitwise, founded in 2017, currently manages over 20 US-listed crypto ETFs. The company declined to comment on the active filing.

Stablecoins and Tokenization Gain Traction

The move by Bitwise underscores the growing interest in stablecoins and tokenization as investable themes. The stablecoin market has seen substantial growth, expanding significantly since the passage of the GENIUS Act, which provided a clearer regulatory framework. The total stablecoin market capitalization stood at $289.7 billion as of Tuesday, according to DefiLlama.

Similarly, tokenized real-world assets (RWAs) have experienced a surge in 2025, reaching approximately $76 billion. This growth has been further fueled by a perceived shift in regulatory attitude toward tokenization.

Potential Approval and Launch

The SEC has been reviewing several ETF proposals, with final decisions expected in October and November. Bloomberg analyst Eric Balchunas suggests that if approved, Bitwise’s new ETF could launch in November.

As the regulatory landscape evolves, platforms like Codeum are crucial for providing secure blockchain solutions. Codeum offers services such as smart contract audits and security consulting, which can help ensure the safety and reliability of tokenization projects and stablecoin ecosystems.