Bitwise Excludes Cardano from New Crypto ETF, Focusing on Tron, ZEC, and Nine Others

Prominent asset manager Bitwise filed for a new crypto ETF for 11 separate major altcoins like Zcash and Tron but omits Cardano.

On Tuesday, Bitwise made a significant move in the cryptocurrency investment landscape by submitting an N-1A form to the US Securities and Exchange Commission (SEC). This filing aims to introduce a new crypto ETF that includes a diverse range of altcoins. Unlike their previous funds, which mostly tracked well-known cryptocurrencies like Bitcoin and XRP, the focus has now shifted to include lesser-known assets.

No Cardano in New Filing

The latest ETF application brings together 11 different altcoins, offering investors a variety of options. The notable cryptocurrencies mentioned in this filing include Tron (TRX), Ethena (ENA), Zcash (ZEC), AAVE, Hyperliquid (HYPE), and SUI. Additional assets on the list are Bittensor (TAO), Uniswap (UNI), NEAR, Canton (CC), and Starknet (STRK).

However, one major player in the cryptocurrency arena is conspicuously absent from this roster: Cardano. The oversight was first pointed out by TapTools, a trading platform focused on Cardano, prompting a wave of discussions throughout the crypto community.

Bitwise has filed ETFs for 11 different altcoins.
No Cardano.

Thoughts? pic.twitter.com/6v2Ct2V8bf

— TapTools (@TapTools) December 31, 2025

This omission raises eyebrows, especially since Bitwise has previously included higher-profile cryptocurrencies like Bitcoin, Ethereum, XRP, and Solana in its offerings. The decision to skip over Cardano, the tenth-largest cryptocurrency by market cap, in favor of these other lesser-known assets has led to speculation about the asset manager’s stance.

Currently, the only avenues for Bitwise clients to gain exposure to Cardano are through the Bitwise 10 Crypto Index ETF (BITW) and the Bitwise physical Cardano ETP available in Europe. The BITW fund trades on NYSE Arca and tracks the top 10 cryptocurrencies, but Cardano’s weight is relatively marginal at only 0.52%, with the majority allocated to Bitcoin (75%) and Ethereum (15%).

Community Reactions

In light of this omission, reactions within the cryptocurrency community have been varied. One comment suggested that “The Crypto Cartel doesn’t want Cardano to win because it’s actually decentralized.” This sentiment reflects a broader skepticism about the influence of institutional players on which cryptocurrencies gain traction.

Supporters of this view often claim that Cardano’s ecosystem poses a threat to the established order in the crypto world. Conversely, others expressed indifference, asserting that Cardano would eventually attract more ETF applications aimed at providing investors with better access to the asset.

Some market observers attributed Cardano’s absence in the filing to a perceived lack of demand, voicing that this decision could be a “smart” strategic move considering concerns about the token’s use case and the challenges with high transaction fees on its network.

Bitwise “Strategy” ETF Details

Bitwise has indicated that the new ETF will trade on NYSE Arca, providing both direct and indirect exposure to the cryptocurrencies included in the filing. The investment strategy laid out by Bitwise allocates 60% of the fund’s assets toward purchasing the underlying coins, while the remaining 40% will be directed towards other ETFs and derivative products that can provide additional layers of investment diversity.

The ongoing introduction of crypto-focused investment products aligns with Bitwise’s optimistic outlook on the industry’s future. Recently, Mat Hougan, the Chief Investment Officer at Bitwise, expressed a bullish sentiment, predicting that Bitcoin would reach new all-time highs in 2026, suggesting a break from its historical four-year cyclical trends.