uniswap

Bitwise has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a spot Uniswap ETF, marking the first formal attempt to bring Uniswap’s native token into an exchange-traded fund structure.

Key takeaways:
Bitwise has submitted an S-1 filing for a spot Uniswap (UNI) ETFThe proposed fund would track UNI directly, without derivativesStaking will not be enabled at launch, though this could change laterCoinbase Custody is listed as the custodian if the ETF is approved
The filing formally initiates the regulatory review process and signals growing interest in expanding spot crypto ETFs beyond Bitcoin and Ethereum into DeFi-related assets.
First formal attempt to bring UNI into a spot ETF
According to the filing, the ETF would hold UNI tokens directly, offering investors regulated exposure to Uniswap without the need for self-custody or interaction with decentralized protocols. While staking is excluded at launch, Bitwise noted that future amendments could allow staking participation if regulatory conditions permit.
If approved, custody of the UNI tokens would be handled by Coinbase Custody Trust Company, consistent with the structure used by several existing spot crypto ETFs. The product would therefore align with institutional custody and compliance standards already familiar to traditional investors.
The move reflects a broader push by asset managers to diversify crypto ETF offerings, even as regulatory scrutiny remains high. While approval is far from guaranteed, the S-1 filing places UNI among the leading candidates for the next wave of spot crypto ETFs in the US.
UNI price action amid broader market weakness
At the time of writing, UNI is trading at approximately $3.32, posting a 0.72% intraday gain, despite remaining under pressure on higher timeframes. The token is down 8.09% over the past seven days and 21.73% over the last month, reflecting broader weakness across the crypto market.
Uniswap’s market capitalization currently stands near $2.1 billion, with 24-hour trading volume around $702 million, indicating continued liquidity despite recent declines. How UNI responds in the coming weeks may depend not only on broader market conditions, but also on how investors price in the possibility-however uncertain-of eventual ETF approval.
#uniswap

1. Panoramica del progetto
#UNISWAP è una delle principali borse decentralizzate (DEX) a livello globale, operante sulla base del meccanismo dei market maker automatici (AMM) di Ethereum. Il suo token nativo, UNI, è un token di governance di tipo ERC-20, con un'offerta totale fissa di 1 miliardo di unità. Fino a gennaio 2026, la circolazione di UNI è di circa 750 milioni di unità (che rappresentano il 75% dell'offerta totale), con una capitalizzazione di mercato di 4,2 miliardi - 5,4 miliardi di dollari, mantenendo una posizione stabile tra le prime dieci per capitalizzazione di mercato nel campo del DeFi.

Uniswap ha come obiettivo centrale quello di essere "l'infrastruttura fondamentale per la liquidità del Web3". Fino al primo trimestre del 2025, il suo valore totale bloccato (TVL) ha raggiunto 5,12 miliardi di dollari, con un volume di scambi di 84,5 miliardi di dollari negli ultimi 30 giorni. Le commissioni annuali del protocollo ammontano a circa 26 milioni di dollari e occupa da lungo tempo più del 60% della quota di mercato globale dei DEX, rappresentando un nodo di scambio imprescindibile nell'ecosistema di Ethereum.