Bitwise Asset Management is launching the first exchange-traded fund focused on Uniswap. It has filed an S-1 application with the US Securities and Exchange Commission for this purpose. Through this ETF, investors will have exposure to UNI, Uniswap’s governance token.
Ethereum is the foundation of the decentralised exchange Uniswap. It enables token swapping between users without the need for middlemen. Regulators are currently reviewing Bitwise’s application, which marks an important step for decentralised finance products entering traditional markets.
Notably, Bitwise had earlier registered a Delaware statutory trust in January, a routine move that usually comes before a formal SEC filing. The application ensues the SEC’s decision to step back from its investigation into Uniswap Labs earlier this year.
Despite the milestone, UNI has fallen sharply. The decline came during a wider crypto sell-off that saw the total market cap fall nearly 10%, with extreme fear dominating sentiment.
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