Now that I’ve had a chance to read it in more depth, the SEC’s 760-page custody proposal thoughtfully addresses problems crypto asset managers have faced since 2017. It is encouraging to see the SEC working through these issues with the industry. However, important questions about DeFi still remain. 🧵

This is what mainstream adoption looks like. Amazing to see —

Juan Leon (@singularity7x) of @Bitwise Asset Management returned to #TheBraveTechnologist podcast to discuss the symbiotic relationship between AI agents and blockchains. Watch the full episode, hosted by @LukeMulks, here: brave.com/podcast/e139/

Morgan Stanley sets up crypto innovation lab for employees and you’re still bearish, anon?

The future is NEAR. Introducing $NRR—the Bitwise NEAR ETF—giving investors exposure to the emerging agentic economy. $NRR is the first spot $NEAR ETP in the U.S. and offers in-house staking to maximize NEAR's ~5% staking rewards.* Why @NEARprotocol? ↳ Built at the intersection of AI x crypto by foundational AI researchers: The team helped shape modern AI, and now they're building its transaction layer. ↳ Growing quickly: NEAR Intents has processed $32B+ in volume, up from under $1B a year ago. ↳ Designed for security: NEAR Intents settle cross-chain transactions through smart contracts to avoid the potential risks of centralized bridges. ↳ Made for scale: Transactions finalize in ~1.2 seconds and cost a fraction of a cent. ↳ Smart tokenomics: With a ~$6B market cap, NEAR's supply is fully unlocked, inflation was recently halved to 2.5% per year, and fees now fund buybacks. Why in-house staking? Staking in-house brings Bitwise's institutional expertise directly to NRR investing with transparency, security, and oversight. As AI and crypto converge, the Bitwise NEAR ETF ($NRR) gives investors straightforward exposure to the network leading the charge. Learn more at nrretf.com

Haven't seen it framed this way, but builder codes are hyperliquid:native version of user-generated content. In gaming, platforms won by letting creators own the audience and share the upside. Builder codes do that for trading: if your app routes the order, you earn a cut. The result is dozens of apps built on one liquidity layer, each monetizing a different slice of attention. Telegram bots, mobile front ends, wallets, copy trading. None of them needed a partnership or a license to plug in. That's UGC for permissionless finance.

Introducing PPLUS—the Bitwise Premium+ RWA Vault—launching on @EmberProtocol. PPLUS holds a curated portfolio of real-world assets and applies leverage, targeting 10%+ net yield. PPLUS is only available to non-U.S. Persons. The vault pursues a leveraged credit strategy involving material risks, including the risk of partial or total loss of deposited assets. What's inside: ↳ $PST by @humafinance — short-duration cross-border payment financing to institutions ↳ $sUSDai by @USDai_Official — loans backed by the GPUs that power AI ↳ $PRIME by @HastraFi — tokenized claims collateralized by prime home equity, in partnership with @Figure Bitwise designs the strategy—curating assets, positions, and leverage parameters. Ember operates the vault and executes transactions. PPLUS extends the Bitwise vault family from lending into strategy, and one step further along the risk-return curve. Learn more: onchain.bitwiseinvestments.c…

"Advisors shouldn't have to run crypto as a separate book." — @RunikM, Co-Founder and Co-Head of @viseinc Bitwise crypto model portfolios are now available to the hundreds of wealth firms and 135,000+ accounts on the Vise platform, where they sit inside the same portfolio as a client's equities, fixed income, and alternatives, rebalanced on the same schedule and under the same tax discipline. Excited to help Vise and their clients access crypto’s opportunities in a thoughtful and scalable way.

Compounding happens over years, not quarters and volatility is part of the journey. Institutional allocators understand this, and are proving it in crypto.

RT @0xchenti: The last 30 days of crypto revenue belonged to social trading. Launchpads and trading apps took six of the top 10 spots and 5…

Institutions are 💎 hands: Not one institution we interviewed reduced its allocation through the roughly 50% drawdown between Q4 2025 and Q2 2026. Several bought more.

“The Commission is not cementing today’s technology as the standard for tomorrow. Instead, it is allowing the market to evolve, monitoring its development, and using that insight to inform a nimbler and future-ready regulatory framework.” Full text of the Innovation Exemption: sec.gov/files/rules/exorders…

The bitcoin rally will continue until the debt situation improves.

Established TradFi institutions recommend a median 2-3% portfolio allocation to BTC. Position accordingly.

On Saturday, Bitwise submitted a letter to the SEC in response to its request for comment on Novel ETFs. Our analysis applies existing case law, SEC precedent and the Investment Company Act of 1940 to a fundamental question: when an ETF owns shares of a wholly owned subsidiary that engages in investment activities, are those shares securities for purposes of the 1940 Act? In short: Yes. Why does this matter? Because Bitwise and other asset managers are bringing new strategies to market, including ones that use event contracts, and existing law already provides the framework for doing so through registered funds. The letter addresses the threshold legal questions that apply to any ETF using this structure. Here are a few key takeaways from our argument: 1. The 1940 Act's definition of investment company turns on what a fund actually owns, analyzed at the fund's own books. 2. In this structure, the fund’s actual holdings are shares of its wholly owned subsidiary, U.S. Treasuries and money market fund shares, all of which are securities. 3. Shares of a wholly owned subsidiary are securities in their own right. Nothing in the test at issue looks through to the subsidiary's underlying assets to change the legal character of its shares. 4. The SEC’s longstanding “Tonopah factors,” applied for nearly 80 years, provide the appropriate framework for whether a fund is primarily engaged in investing. And on assets and income alone, a fund with these holdings qualifies. 5. The 1940 Act provides important safeguards for investors navigating Novel ETFs. It requires independent board oversight, robust custody requirements and a comprehensive compliance framework. Ultimately our belief is that innovation in ETFs shouldn’t require reinventing decades of securities law when there is an existing framework. And that framework is flexible enough to allow for Novel ETFs, including ones that provide exposure to event contracts. We look forward to the SEC’s continued consideration of these issues. You can read the full response here: sec.gov/comments/S7-2026-24/…

Meet @Matt_Hougan, CIO of @Bitwise He thinks tokenized stocks are the most exciting moment in asset management in decades Find out why

Today, Bitwise is launching Automated Token Portfolios (ATPs): institutionally designed model portfolios for tokenized stocks that live directly in your crypto wallet—powered by @Coinbase Tokenized Stocks. Bitwise designs the model, you hold the tokenized stocks in your own wallet, and @Glider__ keeps your holdings aligned automatically, without ever taking custody. Only available to non-U.S. persons (as defined in Regulation S of the Securities Act of 1933) in eligible jurisdictions outside of the U.S. 🧵

In H1 of this year, amidst a bear market, investors put over $1,800,000,000 into Bitwise products ("net inflows"). >$100M into each of our franchises: - ETFs/ETPs - Private active/alpha strategies - Staking - Vaults Bitwise is a group of over 150 people from finance and tech who want to contribute to the underdog story of crypto with all of you. All of us want to see this space change the world and the hard work of so many be recognized. We're not the main character. We view our role as being an advocate of the ecosystems in this space, and helping investors participate in the emerging opportunities. I was reflecting today and wanted to say thank you: grateful to all those who've entrusted us to steward their investments and assets. We love getting to do the work we do. Very excited for the rest of the year —

1/ Circle’s Q2 showed why it could become one of the most valuable payments companies. USDC gained transaction share, overall margins improved, and Arc/CPN opened new fee streams. At 27% mkt share, $1T of stablecoin supply implies ~$10B in annual revenue at Q2 economics. 🧵