Cardano Snubbed: Bitwise’s Bold New Altcoin ETF Filing Leaves ADA in the Cold

Bitwise just dropped a regulatory bombshell—a fresh altcoin ETF filing that's turning heads and raising eyebrows. But one glaring omission has the crypto community buzzing: Cardano's nowhere to be found.

The Selective Basket

This isn't a catch-all fund. Bitwise's filing outlines a tightly curated selection of major altcoins, deliberately bypassing several prominent layer-1 networks. The exclusion of Cardano, a top-10 asset by market cap, signals a stark, value-driven filter being applied by one of crypto's largest asset managers.

Market Signals & Institutional Calculus

ETF filings are more than paperwork—they're market signals. When a firm like Bitwise crafts a basket, it's making a calculated bet on which protocols have the clearest path to institutional adoption and regulatory clarity. Getting left out isn't just a slight; it can impact perception, liquidity, and ultimately, price discovery for the omitted asset. It’s the financial equivalent of not getting invited to the cool kids' table—except this table manages billions.

The New Rules of Engagement

The move underscores a harsh new reality for altcoins: utility and community aren't enough. The institutional gatekeepers now demand demonstrable adoption, ironclad security, and a regulatory narrative that doesn't keep lawyers up at night. Projects that can't tick every box risk being sidelined in the next wave of Wall Street's crypto embrace. Because nothing says 'trust the process' like a committee of suits deciding which decentralized network is worthy of their fund.

This filing cuts through the noise, drawing a line between speculative assets and those deemed 'portfolio-ready.' For the coins that made the cut, it's a validation. For those watching from the sidelines, it's a wake-up call. The race isn't just about technology anymore—it's about fitting into a prospectus.

TLDR

• Bitwise has filed a new crypto ETF application with the SEC, focusing on 11 altcoins.
• The ETF includes altcoins such as Tron, Zcash, Ethena, and Uniswap.
• Cardano is not included in the new ETF despite being a top 10 cryptocurrency by market cap.
• The ETF will trade on NYSE Arca and will invest 60 percent in underlying coins and 40 percent in other products.
• The exclusion of Cardano has sparked mixed reactions across the cryptocurrency community.

Asset manager Bitwise has filed a new application for a crypto ETF covering 11 altcoins but left out Cardano, which has raised attention across the crypto space, especially as the fund includes lower-ranked assets and will trade on NYSE Arca, with direct and indirect crypto exposure.

Bitwise Files for 11 Altcoin ETF Excluding Cardano

Bitwise filed an N-1A form with the U.S. Securities and Exchange Commission on Tuesday, seeking to launch an altcoin-focused ETF. The filing includes exposure to 11 cryptocurrencies but does not mention Cardano (ADA), the 10th-largest by market capitalization.

This exclusion has drawn attention from the crypto community, with various reactions surfacing across social media platforms. TapTools, a cardano analytics platform, flagged the omission and suggested ADA’s exclusion in favor of lesser-known tokens.

Bitwise currently offers Cardano exposure through its 10 Crypto Index Fund, where ADA holds just a 0.52% weight. The asset is also part of a Europe-based Cardano physical ETP, but no U.S.-based standalone ETF product exists for it.

Altcoins Covered: Tron, Zcash, and Others

The new ETF filing includes altcoins such as Tron (TRX), Zcash (ZEC), and Ethena (ENA), all outside the top 10 by market cap. The list continues with Uniswap (UNI), AAVE, Hyperliquid (HYPE), and Bittensor (TAO), expanding Bitwise’s ETF offerings.

Bitwise stated that the ETF will invest 60% directly in underlying tokens and 40% in ETFs and derivatives. The assets will be accessible through the NYSE Arca, offering broader institutional access to these altcoins.

The inclusion of less dominant coins led some investors to question the selection criteria and long-term product strategy. Some social media users interpreted the choice as a snub to Cardano, suggesting bias or lack of support for ADA.

Reactions and Allocation Strategy

One X user stated, “The Crypto Cartel doesn’t want Cardano to win because it’s actually decentralized,” expressing frustration. Others echoed similar concerns, accusing top exchanges and platforms of avoiding Cardano for unspecified reasons.

Some users, however, called the omission “smart,” citing concerns about Cardano’s adoption and developer traction. Others argued that demand and investor interest might have shaped Bitwise’s ETF decisions more than ecosystem politics.

Bitwise CIO Matt Hougan recently predicted Bitcoin would hit new all-time highs in 2026, showing long-term confidence. The firm has consistently launched crypto-related products, pushing forward with institutional-grade offerings.

The new ETF excludes major names like Cardano but includes projects with experimental technologies and smaller ecosystems. Cardano remains accessible only via broader funds, with no dedicated U.S. ETF outside the Bitwise index product.

Each coin included in the ETF represents a different blockchain model, some of which focus on scalability and speed. The ETF structure allocates assets dynamically, balancing direct coin purchases with ETF and derivative exposure.

As of now, Cardano remains on the outside of this new Bitwise product, despite its established market position. Bitwise has not issued a statement explaining why ADA was excluded from the current filing.