Bitwise Proposes Stablecoin and Tokenization ETF to the SEC
Bitwise Asset Management has formally submitted a filing to the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) focused on stablecoins and tokenization. The proposed “Stablecoin & Tokenization ETF” aims to track an index comprising companies directly involved in the stablecoin ecosystem and tokenization sectors.
ETF Structure and Investment Focus
The ETF will track an index divided into two equally weighted segments: an equity sleeve and a crypto asset sleeve. The equity portion will include companies such as stablecoin issuers, infrastructure providers, payment processors, exchanges, and retailers linked to regulated crypto exchange-traded products (ETPs) with Bitcoin (BTC) and Ether (ETH) exposure. The crypto asset sleeve will offer exposure to blockchain infrastructure supporting stablecoins and tokenization, including blockchain oracles.
The fund’s prospectus specifies that assets included in the crypto asset sleeve must be classified as “Crypto Assets” by the index provider. Additionally, the largest crypto ETP in this sleeve will be capped at 22.5% to maintain diversification.
Market Context: Growing Demand for On-Chain Assets
The filing comes amid accelerating demand for stablecoins and tokenized assets, driven by evolving regulatory frameworks in the United States. The passage of the GENIUS Act in July has provided clearer guidelines for stablecoins, stimulating market growth. The stablecoin market capitalization has expanded by approximately 23% in 2025, rising from $205 billion to nearly $268 billion by early August, with current figures around $290 billion according to DefiLlama.
Tokenized real-world assets (RWAs), representing traditional financial instruments like bonds and credit issued on blockchains, have also seen significant growth, reaching an estimated $76 billion in 2025. This surge correlates with a pro-crypto stance from U.S. regulators, including SEC Chair Paul Atkins, who recently characterized tokenization as an innovation to be encouraged.
Competitive Landscape and Regulatory Outlook
Bitwise’s proposed ETF will enter a competitive arena that includes products like Nicholas Wealth’s Crypto Income ETF (BLOX), which also blends equity and crypto exposure. Bitwise currently manages over 20 U.S.-listed crypto ETFs and has been active in filing diverse crypto-related funds.
The SEC has postponed decisions on most crypto ETF proposals until the fall, with final rulings expected in October or November. Bloomberg analyst Eric Balchunas anticipates that if approved, Bitwise’s Stablecoin & Tokenization ETF could launch by November 2025.
Conclusion
Bitwise’s filing reflects the institutionalization of stablecoins and tokenized assets as investable themes, supported by a more favorable U.S. regulatory environment. The ETF’s dual-focused approach aims to capture growth across both traditional companies integrated with crypto infrastructure and direct blockchain-based assets.
FinOracleAI — Market View
Bitwise’s ETF filing signals growing institutional demand for regulated crypto exposure, particularly in stablecoins and tokenization, sectors benefiting from recent U.S. regulatory clarity. The fund’s structure offers diversified access to both equity and crypto asset segments, potentially appealing to cautious investors seeking regulated on-chain asset exposure.
Risks include regulatory delays or rejection by the SEC, which has historically been cautious with crypto ETFs. Market participants should monitor SEC decisions in the coming months and the broader regulatory environment for stablecoins and tokenized assets.
Impact: positive
