Bitwise has filed with the U.S. Securities and Exchange Commission to launch a new ETF focused on stablecoins and tokenized assets, aiming to bring Wall Street closer to blockchain markets.
Key Takeaways
- Bitwise has filed for the first U.S. ETF dedicated to stablecoins and real-world asset (RWA) tokenization.
- The ETF will be split evenly between traditional equities and crypto-linked exchange-traded products.
- Stablecoin and tokenization markets are growing rapidly, backed by regulatory clarity from the GENIUS Act and a shift in SEC policy.
- The fund could launch as early as November, pending SEC approval, according to Bloomberg ETF analysts.
What Happened?
Bitwise Asset Management submitted a prospectus on September 16 to the SEC for its new Stablecoin & Tokenization ETF. The fund would give investors regulated access to the booming sectors of stablecoins and tokenized assets, by tracking a new Bitwise-designed index that includes both public companies and crypto exchange-traded products. The filing comes at a time when the tokenization narrative is gaining strong regulatory support and investor interest.
Bitwise w a new filing for a Stablecoin & Tokenization ETF which will have sleeve of equities and crypto assets seen benefiting from those two trends. 40 Act so prob launch around Thanksgiving pic.twitter.com/TkTLE91H9H
— Eric Balchunas (@EricBalchunas) September 16, 2025
Bitwise’s Strategy to Capture Blockchain’s Next Frontier
Bitwise’s proposed ETF is designed as an actively managed fund under the Investment Company Act of 1940, often referred to as a “40 Act” fund. This structure offers a streamlined approval process compared to other crypto ETFs, which could allow Bitwise to bring the product to market as soon as November.
The ETF will be composed of two equal halves:
- Equity Sleeve (50%): This portion will hold 20 to 30 publicly traded companies involved in stablecoin issuance, payment processing, tokenization platforms, and related blockchain services. No single stock will exceed 15% of this section to avoid overexposure.
- Crypto Asset Sleeve (50%): This section will include regulated crypto exchange-traded products with exposure to core blockchain infrastructure, including Bitcoin, Ether, and oracle tokens that connect off-chain data to on-chain environments. Individual assets will be capped at 22.5% and rebalanced quarterly.
According to the prospectus, only assets that the index provider deems to be crypto assets will be included in this sleeve, with decisions made at their discretion.
Riding the Wave of Regulatory Support
Bitwise’s filing reflects a broader surge in institutional interest around stablecoins and tokenized real-world assets. This momentum has been reinforced by the GENIUS Act, passed in July, which provides a regulatory framework for stablecoins. Since January, the stablecoin market has grown from $205 billion to nearly $290 billion.
Meanwhile, tokenized real-world assets such as bonds and credit products have jumped to a market size of around $76 billion as of September, showing strong traction among both retail and institutional players. Much of this growth is attributed to a pro-crypto shift in U.S. regulatory policy following President Donald Trump’s inauguration.
SEC Chair Paul Atkins has publicly endorsed tokenization as a financial innovation, urging his agency to “provide relief where appropriate to assure that Americans are not left behind.” The Federal Reserve has also announced it will hold a conference next month focusing on stablecoins and tokenized financial services.
Competitive Landscape and Future Outlook
If approved, the ETF will be the first in the U.S. to explicitly target both stablecoins and tokenized assets. It will face competition from mixed-strategy funds like Nicholas Wealth’s Crypto Income ETF (BLOX), which also blends equities and crypto exposure, but none with the same dedicated focus.
Bitwise has been active on multiple fronts, having filed another ETF application just a day earlier for a fund tracking AVAX, the native token of Avalanche. The firm currently manages more than 20 crypto-focused ETFs and oversees over $15 billion in assets.
As ETF filings flood into the SEC and most decisions are delayed until October or November, the industry is eagerly watching to see which products will clear regulatory hurdles. Bitwise’s proposal stands out not just for its structure but for its alignment with evolving policy trends.
CoinLaw’s Takeaway
In my experience watching ETF markets closely, this Bitwise filing feels like a smart play at just the right time. Stablecoins and tokenization aren’t just buzzwords anymore. They’re becoming foundational pieces of modern finance. The GENIUS Act and SEC’s changing tone have cracked open the door for regulated crypto exposure. Bitwise is walking right through it with a product that neatly splits traditional and digital asset exposure. I found the two-sleeve approach clever. It reduces risk while giving access to an exciting space that could redefine how we trade and store value.
