Crypto asset manager Bitwise has filed with the U.S. Securities and Exchange Commission to launch 11 crypto “strategy” exchange-traded funds (ETFs), targeting tokens including Aave (AAVE), Uniswap (UNI), Zcash (ZEC), Sui (SUI) and Bittensor’s TAO.
According to the N-1A filing submitted Tuesday, each fund would be permitted to invest up to 60% of its assets directly in the underlying token, with the remainder allocated to exchange-traded products and, potentially, derivatives such as futures and swaps.
The Bitwise filing coincided with Grayscale’s application to convert its Bittensor trust into an exchange-traded product. Grayscale chairman Barry Silbert said in a post on X that the move highlights the rapid emergence of decentralized artificial intelligence as a new investable theme in U.S. crypto markets.
Bittensor operates as an open network that uses crypto-economic incentives to coordinate machine-learning development, rewarding contributors of models and computing power with TAO. The project has gained attention as investors look for AI-focused crypto exposure beyond traditional smart-contract platforms.
Bitwise’s applications underscore how issuers are broadening their product offerings beyond bitcoin and ether following the success of spot ETFs tied to the two largest cryptocurrencies. The firm already offers spot ETFs linked to bitcoin, ether, solana and XRP, and has filed additional proposals tied to assets including Sui and Hyperliquid.
