Bitwise filed with the US Securities and Exchange Commission (SEC) to launch the “Stablecoin & Tokenization ETF,” an exchange-traded fund designed to track an index split between companies tied to stablecoins and tokenization.
According to a Tuesday filing, the proposed ETF will track an index featuring companies from stablecoin issuers, infrastructure providers, payment processors, exchanges and retailers to regulated crypto exchange-traded products (ETPs) with exposure to Bitcoin (BTC) and Ether (ETH).
The index, which will go through quarterly rebalances, is split into two equally weighted sleeves: an equity sleeve and a crypto asset sleeve, each making up half of the fund.
The equity sleeve will focus on companies most directly tied to stablecoins and tokenization, while the crypto asset sleeve will provide exposure to blockchain infrastructure that supports stablecoins and tokenization, including blockchain oracles.
“To be eligible for inclusion in the Crypto Asset Sleeve of the Index, the Index Provider must determine, in its sole discretion, that an asset is a Crypto Asset,” the prospectus reads. The largest crypto ETP in the sleeve will be capped at 22.5%.
The fund will face competition such as Nicholas Wealth’s Crypto Income ETF (BLOX), which also combines equities and crypto-linked exposure.
Bitwise is a US-based crypto asset manager founded in 2017, currently managing over 20 US-listed crypto ETFs. Cointelegraph reached out to Bitwise for comment, but the company said it cannot discuss active filings.
Related: Bitcoin to hit $1.3M by 2035 as institutions drive demand: Bitwise
Stablecoins and tokenization as investable themes
Since the US passed the GENIUS Act in July, providing a regulatory framework for stablecoins, the sector has become one of the top narratives in crypto.
Between January and early August, the stablecoin market expanded to almost $268 billion from $205 billion, a 23% increase over the period. The total market is $289.7 billion as of Tuesday, according to DefiLlama.
Alongside stablecoins, tokenized real-world assets (RWAs) — traditional instruments like bonds or credit issued and traded on blockchains — have also surged in 2025, reaching about $76 billion on Friday.
Like the stablecoin boom, RWA growth was boosted by a sharp policy shift in the US after President Donald Trump’s inauguration in January. SEC Chair Paul Atkins said in July that the agency now views tokenization as an “innovation” to be supported.
The administration’s pro-crypto turn has also sparked a wave of ETF filings, ranging from traditional Bitcoin (BTC) and Ether (ETH) funds to altcoin products and mixed strategies such as Bitwise’s most recent proposal.
The SEC has delayed most of the ETF proposals until October and November for final decisions. If approved, Bitwise’s new ETF will probably launch in November, according to Bloomberg analyst Eric Balchunas.
Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?
