Bitwise has formed a Delaware trust for a possible Uniswap ETF as UNI trades near $4.78 amid a 60% yearly drop.
By Parth Dubey
Edited by Victoria Ronina
Updated
3 mins read
Asset management firm Bitwise has registered a Delaware statutory trust under the name Bitwise Uniswap ETF, based on a recent state filing.
The filing is an early procedural step as it creates a legal entity that could later be used to launch an ETF linked to Uniswap UNI $4.84 24h volatility: 4.2% Market cap: $3.07 B Vol. 24h: $166.56 M .
State trust registrations are often done far ahead of any federal action. No filing has been made with the US Securities and Exchange Commission at this time.
The filing comes almost a year after the SEC closed its investigation into Uniswap Labs in February 2025.
The agency ended a probe into whether activity linked to the decentralized exchange violated U.S. securities laws.
Analysts say the focus has shifted toward structure, liquidity, and trade execution as legal uncertainty eases.
Any ETF tied to a decentralized protocol would need to show clear pricing, enough volume, and a setup that can be monitored.
Approval, if pursued, would likely depend on how regulators assess Uniswap’s decentralization and the reliability of its on-chain liquidity.
Uniswap is widely regarded as one of the most liquid decentralized exchanges, but it is currently facing fragmented volumes and internal DAO-based governance issues.
These structural questions arrive as Uniswap continues to face internal governance scrutiny. Many in the community argue that tokenholders receive limited economic benefits from governance rights alone.
Tensions grew further after Uniswap Labs launched Unichain last year without DAO approval.
Later, the UNIfication governance vote merged the Uniswap Foundation into Uniswap Labs. Voting ran from December 20 to December 25, 2025 and passed. Critics said the change pulled control toward Labs and weakened DAO independence.
UNI’s market performance has also seen pressure. At the time of writing, the altcoin is trading around $4.78 at the time of writing, down roughly 60% in the past year.
UNI’s market cap has dropped by $4.15 billion during this time, which resulted in the token slipping to 32nd among largest crypto assets.
However, sentiment data suggests a potential short-term reversal. A recent X post by Santiment noted unusually high negative commentary around UNI compared to other altcoins.
It explains that this is a signal that the token could see short-term price rebounds as retail selling exhausts.
📊 Uniswap & Chainlink have both seen a notably high amount of negative commentary compared to other altcoins. With retail dumping, this means both $UNI & $LINK are candidates for continued price rebounds in the short-term. pic.twitter.com/LjEN3KpIOV
— Santiment (@santimentfeed) January 28, 2026
Despite price weakness, Uniswap processed approximately $859 million in trading volume over the past 24 hours.
Data from Token Terminal shows that the protocol facilitated nearly $1 trillion in volume over the past year.
ICYMI: @Uniswap facilitated ~$1 trillion in trading volume over the past year. pic.twitter.com/fI9je8iUi2
— Token Terminal 📊 (@tokenterminal) January 27, 2026
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.