Bitwise, Grayscale, Trump Media Lead Wall Street’s Year-End ETF Frenzy

• Filings showed that Bitwise filed 11 crypto-related ETF applications to the U.S. Securities and Exchange Commission (SEC) on Tuesday.
• Grayscale also moved to convert its Bittensor Trust into a publicly traded ETF on NYSE Arca.
• Grayscale forecasted a bullish 2026 for crypto ETFs, driven by institutional adoption and regulatory clarity.

The U.S. ETF market saw a wave of late-year activity, with Bitwise filing 11 crypto ETFs, Grayscale moving to convert its Bittensor Trust, and Trump Media (DJT) launching five themed funds.

Bitwise Files 11 Crypto ETF Proposals

Filings showed that Bitwise filed 11 crypto-related ETF applications to the U.S. Securities and Exchange Commission (SEC) on Tuesday, targeting a range of assets including Aave (AAVE), Uniswap (UNI), Zcash (ZEC), Ethena (ENA), Hyperliquid (HYPE), Near (NEAR), Starknet (STRK), Sui (SUI), Bittensor (TAO), and Tron (TRON).

The proposals reflect confidence that demand for crypto exposure beyond Bitcoin (BTC) and Ethereum (ETH) is expected to expand ahead of the CLARITY Act and other crypto regulations are slated for passage in 2026. Several of the proposed ETFs focus on decentralized finance (DeFi) and AI-linked tokens, highlighting investor appetite for themes beyond the two largest cryptocurrencies – Bitcoin (BTC) and Ethereum (ETH).

Bitwise Isn’t The Only One Eyeing Altcoins

Even Arthur Hayes, the chief investment officer and co-founder of Maelstrom, has been selling off Ethereum to buy more DeFi tokens such as Ethena.

ENA’s price edged 0.3% higher on Tuesday night to around $0.2044. Retail sentiment around the token on Stocktwits rose to ‘bullish’ from ‘neutral’ territory over the past day.

If Grayscale’s ETFs are approved, the lineup would represent one of the broadest pushes yet for single-asset crypto ETFs tied to emerging blockchain ecosystems.

Zcash, also on Bitwise’s list, outperformed the broader crypto market and led gains among privacy-based coins in the fourth quarter (Q4) of 2025. ZEC’s price fell 1.43% in the last 24 hours, with retail sentiment around the token on Stocktwits in ‘bullish’ territory over the past day, accompanied by ‘high’ levels of chatter.

Grayscale Moves To Convert Bittensor Trust

Grayscale also advanced its ETF ambitions by filing a Form S-1 to convert its Grayscale Bittensor Trust into an ETF. The product would be renamed the Grayscale Bittensor Trust ETF and listed on NYSE Arca.

The move follows Grayscale’s broader strategy to transition its trust products into ETFs, as it did with Bitcoin, Ethereum and Solana (SOL) trusts as well. A Bittensor ETF would give investors regulated exposure to the AI-focused blockchain network without direct token custody.

Leveraged And Thematic ETFs Gain Ground

Issuers are also leaning into higher-risk strategies tied to crypto-linked equities. Defiance launched the Defiance Daily Target 2X Long BITF ETF, a leveraged product designed to deliver twice the daily performance of Bitfarms (BITF) stock.

BITF’s stock edged 0.84% lower in after-hours trade on Tuesday after dropping 3.25% in regular trading. Retail sentiment around the company remained in ‘extremely bearish’ territory over the past day. 

Separately, Trump Media announced the launch of five Truth Social-branded ETFs on the NYSE, including funds focused on defense, energy, technology, and real estate. The products include American Security & Defense (TSSD), American Next Frontiers (TSFN), American Icons (TSIC), American Energy Security (TSES), and American Red State REITs (TSRS). 

DJT’s stock moved 0.24% lower in after-hours trade on Tuesday after falling 4.48% in regular trading hours. Retail sentiment around the Trump-backed enterprise remained in ‘bearish’ territory over the past day. 

A Broader ETF Playbook Heading Into 2026

Grayscale forecasted a bullish 2026 for crypto ETFs, driven by institutional adoption and regulatory clarity, with Bitcoin potentially hitting new highs in the first half of the year. They predict expanded ETF availability for assets like Solana (SOL), XRP (XRP), Dogecoin (DOGE), and Chainlink (LINK), including staking features to attract yield-seeking investors. Other firms like Standard Chartered align, eyeing Bitcoin at $150,000 by end-2026 amid steady institutional inflows.

Bitcoin’s price rose 1.4% in the last 24 hours to around $88,300 on Tuesday night. The apex cryptocurrency is on track to end its post-halving year in the red for the first time ever. On Stocktwits, retail sentiment around BTC remained in ‘bearish’ territory over the past day.

Read also: Bitcoin Has Never Ended A Post-Halving Year In The Red — And BTC’s Down 7% With Days To Go

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