Bitwise files for 11 'strategy' ETFs, tracking tokens including AAVE, ZEC, TAO

• Bitwise filed with the SEC to introduce 11 crypto strategy ETFs, covering tokens including AAVE, UNI and ZEC.
• The ETFs will invest up to 60% in the underlying token, with the rest in exchange-traded products and derivatives.
• The filing coincides with Grayscale's move to convert its bittensor trust into an exchange-traded product as decentralized AI gains traction.

Crypto asset manager Bitwise filed with the U.S. Securities and Exchange Commission to introduce 11 crypto "strategy" exchange-traded funds (ETFs) including aave AAVE$150.48, uniswap UNI$5.9035, zcash ZEC$527.25, SUI$1.4263 and TAO$221.97.

The Tuesday N-1A filing details an approach that includes investing up to 60% of a fund's assets directly in the underlying token, with the remainder allocated to exchange-traded products and, potentially, derivatives such as futures and swaps.

The SEC filing was made the same day Grayscale submitted a filing to convert its bittensor trust to an exchange-traded product. Barry Silbert, chairman of Grayscale, said in a post on X that the move reflects how quickly decentralized AI is evolving as one of the newest investable themes in U.S. crypto markets.

Bittensor operates as an open network that uses crypto-economic incentives to coordinate machine learning development, rewarding contributors of models and computing power with TAO. The project has drawn growing attention as investors seek exposure to AI-related crypto assets beyond traditional smart contract platforms.

Bitwise’s applications underscore how quickly issuers are expanding beyond bitcoin and ether following the success of spot ETFs tied to the two largest cryptocurrencies. The firm has previously introduced spot ETFs linked to bitcoin, ether, solana and XRP, and has filed additional applications tied to assets such as sui and hyperliquid.

The other tokens mentioned in the filing are HYPE$25.88, NEAR$1.5171, TRX$0.2842, athena (ENA), STRK$0.07816, canton coin (CC).

• KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
• This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
• Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
• Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
• Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.

• Approximately $250 million was withdrawn from Lighter after its $675 million LIT token airdrop.
• The withdrawals represent about 20% of Lighter's total value locked, according to Bubblemaps CEO Nicolas Vaiman.
• Large withdrawals post-token generation events are common as early participants exit, says CertiK's Natalie Newson.

Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.