Bitwise Asset Management has filed with the U.S. Securities and Exchange Commission (SEC) to launch the first U.S. exchange‑traded fund (ETF) explicitly targeting stablecoins and tokenized assets.
According to a Sept. 16 prospectus submitted to the SEC, the proposed Stablecoin & Tokenization ETF will track a new index designed by Bitwise that splits holdings evenly between equities tied to stablecoins and tokenization, and regulated crypto exchange‑traded products (ETPs).
Structure of the proposed ETF
The fund follows a two‑sleeve structure, each representing half of the portfolio:
- Equity sleeve (50%): Expected to hold 20–30 public companies involved in stablecoin issuance, tokenization platforms, payment processors, infrastructure providers, and exchanges. No single stock will make up more than 15% of this sleeve.
- Crypto asset sleeve (50%): Composed of regulated ETPs linked to Bitcoin (BTC), Ether (ETH), and blockchain infrastructure that supports tokenization. This may include oracles and related assets, but no single product can exceed 22.5% of its allocation. The index will rebalance quarterly.
The filing states that only assets approved by the index provider as “crypto assets” will qualify. Bitwise manages over 20 U.S.-listed crypto ETFs and $15 billion in assets under management.
Why stablecoins and tokenization?
The filing comes amid rapid growth in stablecoins and tokenized real‑world assets (RWAs).
- Stablecoin market: Expanded from about $205 billion in January to nearly $290 billion as of September, per DefiLlama. Growth accelerated after the U.S. passed the GENIUS Act in July, giving issuers clearer regulatory guidance.
- Tokenized assets: Blockchains hosting RWAs such as bonds and credit instruments have climbed to a market size of $76 billion in 2025, according to CoinMarketCap, reflecting new institutional adoption.
U.S. SEC Chair Paul Atkins said in July that tokenization should be treated as a “financial innovation” worthy of regulatory support, signaling a friendlier approach under the Trump administration.
Market positioning
If approved, the Bitwise fund would be the first ETF explicitly dedicated to stablecoins and tokenized assets in the U.S. It will compete with products such as Nicholas Wealth’s Crypto Income ETF (BLOX), which mixes equity and crypto exposure but without a direct stablecoin focus.
The SEC has delayed most crypto ETF decisions until October and November, with Bloomberg ETF analyst Eric Balchunas suggesting on X that the Bitwise fund could launch around Thanksgiving if regulators grant approval.
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
Meanwhile, other asset managers like REX-Osprey have introduced altcoin ETFs, including upcoming funds tied to XRP (XRPR) and Dogecoin (DOJE), reflecting broader diversification in crypto-linked investment vehicles.
What’s next
Bitwise’s filing highlights how traditional finance is expanding into “on‑chain markets,” creating regulated products around stablecoin infrastructure and RWAs. If approved, the ETF would provide institutions and retail investors structured exposure to two of crypto’s fastest‑growing trends.
Bitwise declined to comment on the active application when contacted by multiple outlets.
Oleksii Shumak
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