Bitwise Asset Management has filed with the U.S. Securities and Exchange Commission (SEC) to launch a Stablecoin & Tokenization ETF. The proposed ETF aims to capitalize on the anticipated growth in tokenized assets, stablecoins, and blockchain infrastructure. This move aligns with increasing institutional and regulatory interest in tokenized financial products.
The ETF will track the Bitwise Stablecoin and Tokenization Index through two investment sleeves. One sleeve focuses on equities of companies involved in the stablecoin and tokenized asset ecosystem, while the other invests in crypto-linked exchange-traded products (ETPs) providing exposure to tokenized blockchain infrastructure. The equity sleeve will allocate up to 50% of its holdings to public companies categorized by their relevance to stablecoins or tokenized assets. These include issuers, infrastructure platforms, payment firms, tokenized exchanges, and retailers focused on stablecoins.
The crypto asset sleeve will invest in ETPs that provide access to tokenized blockchain platforms. It will select assets representing at least 1% of the stablecoin or tokenized market share and allocate 5% to oracle tokens that connect real-world data to blockchains. The largest holding in the index will be capped at 22.5% of the portfolio, which will be rebalanced quarterly. This structure aims to provide exposure to tokenized infrastructure without direct investment in volatile cryptocurrencies.
Bitwise's ETF filing reflects the growing demand for regulated and transparent digital asset investment products. The stablecoin market is projected to reach a market capitalization of $2 trillion by 2028, driven by the increasing demand for digital currencies that offer the benefits of blockchain technology with the price stability of traditional fiat currencies. Stablecoins like USDC and USDT are typically backed by fiat reserves or highly liquid securities, ensuring their value remains pegged to the U.S. dollar. This stability makes them attractive for cross-border payments, e-commerce, and decentralized finance (DeFi) ecosystems.
The regulatory environment for stablecoins has improved with the introduction of frameworks such as the EU's MiCA rules and the GENIUS Act in the U.S. The GENIUS Act of 2025 established a federal framework for stablecoins, legitimizing their use in mainstream financial applications. The SEC's move towards "generic listing standards" for crypto ETPs could further accelerate the approval process for new funds. Bitwise is positioning itself to capture the shift towards tokenized transactions, stablecoins, and evolving infrastructure. As of September 16, 2025, Bitwise manages $15 billion in digital asset products, including Bitcoin and Ethereum ETFs. The proposed ETF is structured as a 40 Act fund, potentially allowing for a faster regulatory review. The fund is designed to mirror the Bitwise Stablecoin and Tokenization Index, investing at least 80% of its assets in index constituents through a full-replication approach.
