The crypto asset manager Bitwise has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund focused on two of the fastest-growing sectors in digital finance: stablecoins and asset tokenization. The filing, submitted on Tuesday, September 16, 2025, outlines the "Stablecoin & Tokenization ETF," a novel fund designed to track an index with a unique hybrid structure. The proposed Bitwise ETF will allocate its portfolio equally between the stocks of companies building this new financial infrastructure and a basket of crypto assets and other crypto ETPs that underpin the ecosystem.

• A leading crypto asset manager has filed for a first-of-its-kind fund to capture the next wave of digital finance.
• Discover the unique 50/50 hybrid structure that blends traditional stocks with direct crypto asset exposure.
• Learn about the major regulatory and market trends that are turning stablecoins and tokenization into premier investable themes.

This new Bitwise ETF is designed to provide investors with exposure to what many consider the next evolutionary phase of the digital asset industry. Moving beyond pure price speculation on cryptocurrencies like Bitcoin, the themes of stablecoin tokenization represent the foundational "utility layer" of the crypto economy. Stablecoins are the on-chain dollars that facilitate transactions, while tokenization is the process of putting real-world assets (RWAs) on a blockchain. Bitwise is betting that the companies and protocols building these essential services will be the long-term winners in the space.

The fund's proposed structure is a key differentiator in the increasingly crowded market for crypto-linked investment products. The index it aims to track is split into two equally weighted sleeves. The first is an equity sleeve, containing the stocks of public companies directly involved in the ecosystem, such as stablecoin issuers, payment processors, and infrastructure providers. The second is a crypto asset sleeve, which will hold a basket of digital assets and regulated crypto ETPs. This sleeve will provide exposure to the core blockchain infrastructure, such as oracles, that supports stablecoin tokenization. This hybrid approach is designed to balance the high-growth potential of digital assets with the more established valuation frameworks of public companies.

The timing of this filing is heavily influenced by recent regulatory breakthroughs in the United States. The passage of the GENIUS Act in July created a clear, federal framework for stablecoins, providing the regulatory certainty needed for asset managers to build mainstream investment products around them. The recent political battles over the law, such as Coinbase's defense of the Act against U.S. banks, have only highlighted its importance in shaping the industry. This new clarity has already spurred significant market activity, including Tether's landmark partnership with a federally chartered bank to launch a new, compliant stablecoin—precisely the kind of development this ETF is designed to capture.

Simultaneously, the tokenization of real-world assets has surged in 2025, with the market for on-chain traditional instruments now exceeding $75 billion. This "megatrend" has received a significant boost from a more supportive stance from the SEC under the current administration. This shift has encouraged major traditional finance players to enter the space, a trend epitomized by Nasdaq's recent SEC filing to trade tokenized stocks. The new Bitwise ETF is one of the first proposed products that would allow public market investors to easily invest in the broad ecosystem of companies enabling this monumental shift of real-world value onto blockchains.

While the new fund will face some competition from existing products that offer mixed equity and crypto exposure, its sharp focus on the specific themes of stablecoin tokenization carves out a unique niche. It represents a maturation of the market, where investors are now being offered more sophisticated, thematic ways to invest in the digital asset economy beyond simply buying Bitcoin.

The SEC has delayed final decisions on a wave of recent crypto ETF filings, with deadlines for most pushed to October and November. According to Bloomberg ETF analysts, if the SEC gives the green light, this new Bitwise ETF could potentially launch in November. Its approval would be a significant milestone, adding a new and sophisticated option for investors looking to gain exposure to the foundational infrastructure of the 21st-century financial system.

FAQs

What is the new Bitwise ETF?
The "Stablecoin & Tokenization ETF" is a new proposed Bitwise ETF that aims to provide investors with exposure to companies and crypto assets involved in the stablecoin and asset tokenization industries.

How is this ETF structured?
It has a unique hybrid structure, split 50/50 between two "sleeves." Half the fund will be invested in the stocks of companies in the space, and the other half will be invested in a basket of crypto assets and other regulated crypto ETPs.

Why are stablecoin tokenization considered major investment themes?
These sectors are seen as the foundational infrastructure for the future of finance. The recent passage of the GENIUS Act has provided regulatory clarity for stablecoins, while major institutions are moving to tokenize real-world assets, creating massive new markets.

When might this new Bitwise ETF be available?
The SEC is expected to make final decisions on a wave of crypto ETF proposals in October and November. If approved, analysts predict the new fund could launch in November 2025.