Bitwise has applied to the U.S. Securities and Exchange Commission (SEC) to launch a "Stablecoin and Tokenization ETF," which is an exchange-traded fund aimed at tracking an index of companies related to stablecoins and tokenization.
According to the application documents filed on Tuesday, the proposed ETF will track an index that covers companies ranging from stablecoin issuers, infrastructure providers, payment processors, exchanges, and retailers to regulated cryptocurrency exchange-traded products (ETPs) that have exposure to Bitcoin (BTC) and Ethereum (ETH).
The index will undergo quarterly rebalancing and will be divided into two equally weighted parts: a stock portion and a crypto asset portion, each accounting for half of the fund. The stock portion will focus on companies most directly related to stablecoins and tokenization, while the crypto asset portion will provide exposure to blockchain infrastructure supporting stablecoins and tokenization, including blockchain oracles.
The prospectus states, "To qualify for inclusion in the index's crypto asset portion, the index provider must independently determine that an asset is a crypto asset." The largest cryptocurrency ETPs in this portion will be limited to 22.5%.
The fund will face competition, such as Nicholas Wealth's Crypto Yield ETF (BLOX), which also combines stock and cryptocurrency-related exposure.
Bitwise is a U.S. crypto asset management firm established in 2017, currently managing over 20 cryptocurrency ETFs listed in the U.S. Cointelegraph reached out to Bitwise for comment, but the company stated it could not discuss the ongoing application.
Since the U.S. passed the GENIUS Act in July to provide a regulatory framework for stablecoins, the industry has become one of the top narratives in the cryptocurrency space.
From January to early August, the stablecoin market expanded from $205 billion to nearly $268 billion, growing by 23% during that period. According to DefiLlama data, as of Tuesday, the total market size was $289.7 billion.
In addition to stablecoins, tokenized real-world assets (RWAs)—traditional instruments like bonds or credit issued and traded on the blockchain—also saw significant growth, reaching about $76 billion on Friday.
Like the boom in stablecoins, the growth of RWAs has benefited from a sharp shift in U.S. policy following President Donald Trump's inauguration in January. SEC Chairman Paul Atkins stated in July that the agency now views tokenization as an "innovation" that needs support.
The government's pro-cryptocurrency shift has also triggered a wave of ETF applications, ranging from traditional Bitcoin (BTC) and Ethereum (ETH) funds to altcoin products and hybrid strategies, such as Bitwise's latest proposal.
The SEC has postponed most ETF proposals until October and November for final decisions. According to Bloomberg analyst Eric Balchunas, if approved, Bitwise's new ETF could launch in November.
Related: Deutsche Börse subsidiary launches institutional OTC settlement service
Original article: “Bitwise Files for ‘Stablecoin and Tokenization ETF’ with SEC”
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