Bitwise, a cryptocurrency asset management firm, has registered a statutory trust entity for the "Bitwise Uniswap ETF" in Delaware. This move is seen as a preparatory step for a potential future ETF application related to the Uniswap decentralized exchange protocol. Such registrations often precede formal applications to the U.S. Securities and Exchange Commission (SEC) by several months, though many do not advance to later stages. Analysts suggest this registration is a strategic move by Bitwise to keep its options open, without indicating an immediate SEC review or listing timeline.