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Bitwise Asset Management has filed 11 separate cryptocurrency ETF applications with the Securities and Exchange Commission in a single submission, marking one of the largest coordinated crypto ETF pushes since the agency approved spot bitcoin products in early 2025.
The filings, which span ethereum, multi-asset, and strategy-based products, reflect an intensifying race among asset managers to secure first-mover positions in emerging crypto ETF categories before regulatory windows narrow.
Bitwise’s filing blitz did not happen in isolation. Since the SEC approved spot Bitcoin ETFs in early 2025, traditional finance and crypto-native firms alike have rushed to expand their offerings beyond plain-vanilla Bitcoin exposure.
Ethereum ETFs, multi-asset crypto funds, and strategy-based products tied to staking or indexes are now at the center of competition.
By submitting 11 filings at once, Bitwise appears to be signaling both regulatory readiness and market confidence.
Filing early allows firms to start the SEC’s often lengthy review clock while also staking intellectual and branding claims over specific product structures.
Regulatory openness if not enthusiasm for diversified crypto products and growing appetite for alternatives beyond Bitcoin-only exposure.
However, filing does not equal approval. The SEC retains discretion to delay, request amendments, or reject applications outright, especially where products touch on areas like staking yields or less-liquid digital assets.
Gary Gensler, Chair, U.S. Securities and Exchange Commission, has repeatedly cautioned in public statements and also said that approval of one product does not imply approval of all crypto-related securities.
While spot Bitcoin ETFs marked a regulatory breakthrough, the SEC has made clear that crypto regulation remains fragmented and cautious.
Each new ETF structure raises questions around custody, market manipulation, liquidity, and investor protection.
Bitwise’s 11 filings will likely face individual scrutiny, even if they share common infrastructure.
Analysts note that the SEC may approve some products while sidelining others, creating uneven outcomes for issuers and investors alike.
Not all proposed ETFs will reach the market
Approval timelines could stretch into months
Early headlines may drive speculation before products are tradable
Still, the sheer volume of filings suggests issuers believe the probability-weighted payoff is worth the cost.
According to Nate Geraci, President, ETF Store, Crypto ETFs are no longer an experiment, they are becoming a permanent fixture in capital markets.
The key takeaway is not just Bitwise’s ambition, but what comes next. SEC responses to these filings will help define the boundaries of acceptable crypto exposure in U.S. public markets.
Key signals to monitor include:
If even a portion of Bitwise’s applications are approved, the result could be greater liquidity, tighter spreads, and broader mainstream participation in crypto markets.
Widespread delays or rejections could dampen short-term sentiment without necessarily undermining the long-term trend toward institutional adoption.
Bitwise’s one-day filing spree stands as a clear message to regulators and competitors alike: the race to dominate crypto ETFs is accelerating, and the next phase of crypto market access may be decided not on-chain, but in Washington filing rooms.
