- Bitwise proposes an ETF split between equities and crypto-linked products, with quarterly rebalancing for exposure.
- Stablecoin market grows to $290B in 2025, supported by GENIUS Act’s new US regulatory framework.
Bitwise Asset Management has asked the US Securities and Exchange Commission (SEC) to approve a new exchange-traded fund that would focus on stablecoins and tokenized assets. The filing, submitted on Sept. 16 under the Investment Company Act of 1940, outlines what could be the first fund of its kind in the United States.
The proposed Stablecoin & Tokenization ETF is designed to follow an index created by Bitwise. The index includes both listed companies and crypto-linked products connected to stablecoin and tokenization activity. Bitwise, which manages more than $15 billion across over 20 ETFs, said the goal is to give investors a regulated way to gain diversified exposure to the sector.
Meanwhile, the ETF will be split evenly into two groups. One half will hold shares of 20 to 30 public companies tied to stablecoins and tokenization services, including issuers, exchanges, and payment infrastructure firms. To manage risk, no single company will make up more than 15% of the equity side.
The other half of the fund will consist of crypto-linked exchange-traded products. This sleeve will include exposure to blockchain infrastructure and allow for up to 5% in oracle tokens, which connect off-chain data to blockchains. According to the prospectus,
The largest crypto ETP in the sleeve will be capped at 22.5%.
Allocations will be reviewed and rebalanced every quarter.
Expanding Market for Stablecoins and Tokenization
The move comes as both stablecoins and tokenized real-world assets are growing at a record pace. Stablecoin supply has risen from about $205 billion in January to nearly $290 billion in September, helped by the passage of the GENIUS Act, which gave issuers a clear framework in the US.
Tokenized assets such as bonds and credit issued on blockchains have also expanded. Market value climbed to roughly $30 billion this year, reflecting stronger institutional demand. SEC Chair Paul Atkins described tokenization as an “innovation” in July, signaling support from regulators under the current administration.
Possible Launch Timeline
Bloomberg analyst Eric Balchunas said the Bitwise ETF could launch as soon as late November if the SEC grants approval. The 40 Act structure may shorten the review process, though the regulator has postponed decisions on several crypto-related filings until October and November.
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
If approved, the ETF would face competition from funds such as Nicholas Wealth’s Crypto Income ETF (BLOX), which mixes equities with crypto-linked exposure. Still, Bitwise’s product would be the first in the US to focus directly on stablecoins and tokenization as distinct investment categories.
Bitwise, founded in 2017, has grown into one of the largest crypto asset managers in the world. When contacted, the firm declined to comment on the pending filing, stating it could not discuss active applications.
Last month, the firm also filed for the first spot Chainlink ETF in the United States, seeking approval from the SEC. The product would give investors regulated exposure to LINK, one of the leading blockchain oracle networks.
