US-Based Bitwise Files With SEC To Target Growing Stablecoin And Tokenization Market With Two-Sleeve ETF Structure

Bitwise Targets Stablecoin And Tokenization Boom With New ETF Plan

Bitwise Asset Management is preparing a new exchange-traded fund aimed at investors seeking exposure to two of crypto’s fastest-growing sectors – stablecoins and tokenised real-world assets – as both markets expand at record speed in 2025.

Dual-Sleeve Index Brings Equities And Crypto Together

According to a filing with the US Securities and Exchange Commission (SEC) on 16 September, the proposed “Stablecoin & Tokenization ETF” will follow a bespoke index split evenly between company shares and crypto assets.

Half the fund will focus on listed businesses closely involved with stablecoin issuance, blockchain infrastructure, payment processing, exchanges and retailers.

The other half will track regulated crypto exchange-traded products (ETPs) linked to the technology that powers stablecoins and tokenisation, including blockchain oracles.

Bitwise plans to cap the largest crypto holding at 22.5% to limit risk.

The index will be rebalanced every quarter to reflect market changes.

Tiered Exposure Limits For Listed Companies

The equity portion introduces a three-tier system to prevent heavy concentration.

Source: sec.gov

Firms with the strongest stablecoin or tokenisation exposure can hold up to 15% of the fund, those with moderate involvement are limited to 8%, and companies with minor connections are capped at 3%.

Bitwise expects to select about 20 companies from the top tiers, with the option to add up to 10 smaller participants if needed.

Rising Demand After US Policy Shift

Interest in stablecoins has surged since the US passed the GENIUS Act in July, giving the sector a clear regulatory framework.

Stablecoin supply jumped from roughly $205 billion in January to almost $268 billion by early August and reached $290.44 billion this week, data from DefiLlama shows.

Source: DefiLlama

Tokenised real-world assets such as bonds and credit instruments have followed a similar trajectory, climbing to about $76 billion in 2025.

SEC Chair Paul Atkins described tokenisation in July as an “innovation” the agency intends to support, reinforcing the favourable policy environment.

Faster Approval Path Under Investment Company Act

Bitwise filed the ETF under the Investment Company Act of 1940, a structure analysts believe could shorten the SEC review process.

Bloomberg ETF analyst Eric Balchunas noted that this route often leads to decisions within months, raising the possibility of a launch around Thanksgiving if regulators give the green light in October or November.

Competition Emerges In Crypto-Linked Funds

While Bitwise manages more than $15 billion across over 20 US-listed crypto funds, it faces growing competition.

Products such as Nicholas Wealth’s Crypto Income ETF (BLOX) also blend equities with crypto exposure, though Bitwise’s dual-sleeve approach may set it apart.

If approved, the Stablecoin & Tokenization ETF would become the first US-listed fund to offer investors a single vehicle for both stablecoin businesses and tokenised asset infrastructure—an offering timed to capture one of the year’s strongest crypto growth stories.