Bitwise has nine single-coin ETFs in the US. Its December filing named eleven coins, and only two have made it to market. Count what’s left and you get nine again, so the next Bitwise ETF is probably already sitting in that queue.
I like this kind of arithmetic because it turns a guessing game into a shortlist. Instead of asking which coin deserves an ETF, you can ask which filed coin has the strongest case, and the data gives a fairly clear answer.
Bitwise’s Nine ETFs and What They Cover
Bitwise’s own funds page lists nine single-asset products: Bitcoin (BITB), Ethereum (ETHW), XRP (XRP), Solana staking (BSOL), Hyperliquid (BHYP), Dogecoin (BWOW), Chainlink (CLNK), NEAR (NRR) and Avalanche (BAVA). The smallest of the underlying coins, AVAX, sits near a $4.7 billion market cap.
That is a mix of the obvious and the adventurous. Bitcoin and Ethereum are expected. A NEAR fund is a bolder bet, and Bitwise made it anyway. The most recent addition was BHYP, which began trading on NYSE on May 15, 2026 with a 0.34% sponsor fee and staking through Bitwise’s in-house staking division.
The Nine Filed Coins Still Waiting
On December 30, 2025, Bitwise filed for eleven “strategy” ETFs covering Aave, Canton, Ethena, Hyperliquid, NEAR, Starknet, Sui, Bittensor, Tron, Uniswap and Zcash. Those filings let each fund hold up to 60% of its assets directly in the token, with the rest in exchange-traded products and possibly derivatives.
Two of those coins, HYPE and NEAR, now have Bitwise spot ETFs. One caution on wording: the spot funds are separate products from the December strategy filings, and they are not registered under the Investment Company Act of 1940, while the strategy funds are a different structure. Even so, the coins are the same, and that leaves nine without a Bitwise fund of their own: Aave, Canton, Ethena, Starknet, Sui, Bittensor, Tron, Uniswap and Zcash.
The Big Coins Without a Bitwise Fund
Several larger names are missing from both lists. Using CoinMarketCap figures from October 11, they are:
- BNB: $99.7 billion, ranked #4
- TRX: $31.4 billion, ranked #8
- ZEC: $20.8 billion, ranked #10
- XMR: $10.0 billion
- ADA: $9.1 billion
Rankings for the last two vary depending on how a tracker treats stablecoins and wrapped assets, so it’s best to read them as ballpark figures. Notice that TRX and ZEC are the only coins that appear on both the big-coin list and Bitwise’s filed list. BNB, Monero and Cardano are large, but Bitwise hasn’t filed for any of them in the December batch.
Zcash and Tron Already Have Demand Proof
Two of the filed coins already have US spot products from other issuers, which tells us there’s appetite.
Grayscale’s Zcash fund, ZCSH, began trading on NYSE Arca on August 25. According to Grayscale’s SEC filing, it passed $500 million in assets and drew more than $70 million in net inflows over its first two weeks. The trust’s prospectus is dated August 24.
Canary’s staked TRX fund, TRXS, followed in September. Its prospectus describes a Cboe BZX listing, staking of at least 90% of the TRX held, and a 1.10% sponsor fee. That is a notably higher fee than BHYP’s, which gives Bitwise an obvious opening to compete on price.
What BNB, Cardano and Monero Face
The remaining three are more complicated. For BNB, VanEck and Grayscale have both amended their filings, and neither fund has launched. No Bitwise BNB filing. Cardano has no live US spot ETF, and reports say Grayscale withdrew its filing in August while others, reportedly including Bitwise, remain active. For Monero, there’s no US spot ETF filing at all.
So these three look like longer shots for Bitwise. Each would require a new filing, or a path through the regulator that hasn’t opened yet.
My Pick for the Next Bitwise ETF
My ranking comes down to demand, size and readiness.
Zcash looks first in line. It has a $20.8 billion market cap, a competing fund that grew past $500 million within weeks, and a Bitwise filing already on record. Tron is a close second, with a larger market cap, a staked competitor and room to undercut TRXS on fees.
After those two, try watching Sui, Bittensor and Uniswap, which are filed but smaller. Cardano is the wildcard, since a decision window around late October has been projected for it, though that is a projection and not a deadline.
What Would Change the Order
Three things could reshuffle this list. A new filing from Bitwise for BNB or Cardano would make the shortlist bigger. A weak month for ZCSH inflows would weaken the Zcash case. And any change to how the regulator treats staking funds would affect Tron most of all.
Until Bitwise, watch the Bitwise newsroom for the next launch announcement and the SEC’s EDGAR filings for anything new.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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