Bitwise launched a second non-custodial DeFi vault this week. CEO Hunter Horsley teased the product on social media; full documentation is due in weeks. The $15B manager is expanding beyond its January 2026 Morpho debut.
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Bitwise Asset Management launched another non-custodial DeFi vault this week, the firm's second such product in three months. CEO Hunter Horsley teased the development on social media without releasing details on the strategy or target yield.
The vault comes from Bitwise's onchain strategy team, led by Head of Onchain Special Projects Yannimoto and Portfolio Manager Jonathan Man. The team sits inside a 140-person investment and technology group that Bitwise has been building since its first vault launch in January 2026.
That earlier product – a Morpho vault targeting up to 6% APY on stablecoin yields – was Bitwise's first step into active DeFi yield management. The firm spent most of its eight-year history on index funds and ETFs before pivoting toward onchain strategy. Curating a Morpho vault was a conservative entry point: stablecoins, a known lending protocol, non-custodial structure where Bitwise manages the strategy but never holds user assets.
The new vault follows the same non-custodial model. Bitwise said it will release full documentation and audit results publicly in the coming weeks. That timeline is unusual in DeFi, where most vault launches publish technical specs and security reviews immediately. The delay suggests either a more complex strategy than the stablecoin lending product or additional partner integrations that are still being finalized.
Bitwise manages over $15 billion in client assets. The firm involved multiple crypto teams and platforms in the vault's development, according to Horsley's posts, which points to a multi-protocol or multi-asset strategy rather than a single-pool stablecoin product.
The January 2026 Morpho vault was designed as a relatively low-risk proof of concept. This second launch signals that Bitwise sees enough demand – and enough yield opportunity – to broaden its onchain product line. The question now is whether the firm can bring the same distribution and brand trust that powered its ETF business into a DeFi market where users expect immediate transparency and battle-tested code.
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