Bitwise Files for SEC Authorization to Launch an Exchange-Traded Fund (ETF) Based on NEAR Token
Let's Talk NEAR: Bitwise's Latest Crypto ETF Aiming for the Spotlight
Cut to the Chase:Bitwise Asset Management, the innovative crypto investment firm, has taken a giant leap by filing a Form S-1 with the SEC to launch the Bitwise NEAR ETF. This ETF aims to track the value of NEAR, the native token of the NEAR Protocol, a scalable layer-1 blockchain focusing on decentralized applications.
The NEAR Race:The filing comes after Bitwise registered a trust entity for the Bitwise NEAR ETF back in April 2025. Coinbase Custody Trust Company, LLC will serve as the custodian, taking care of the Trust's NEAR, managing the Trust's account, and facilitating necessary NEAR transfers. At present, the exchange where the ETF will be listed and the ticker symbol it will use remain undisclosed.
The Game Plan:The Trust's primary objective is to provide exposure to NEAR, less the expenses of the Trust's operations and other liabilities. The Trust will achieve this by holding NEAR and establishing its net asset value (NAV) by reference to the [CF NEAR-Dollar Settlement Price], acting as the Pricing Benchmark.
No Ripples, Yet:Interestingly, the filing did not instigate any immediate changes in NEAR's price. Over the past day, the cryptocurrency experienced a slight dip of 0.8%, trading at $2.3 at press time. NEAR, with a market cap of $2.8 billion, now stands as the 44th largest cryptocurrency, joining Bitwise's expanding list of altcoin ETF applications.
Altcoins Galore:Bitwise already provides ETFs tied to major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). The firm has also applied for SEC approval for several more, including Dogecoin (DOGE), Solana (SOL), XRP (XRP), and Aptos (APT).
Hold That Thought:While the surge in filings indicates a broader strategy to expand its portfolio into altcoins, the path to SEC approval remains uncertain. The agency has recently delayed decisions on several cryptocurrency ETF applications, including those for XRP and DOGE, pushing their deadlines to mid-June 2025.
The SEC's Dance:The regulatory climate under the Biden administration has been more favorable, resulting in spot Bitcoin ETFs being approved in January 2024, and Ethereum ETFs in July 2024. However, the SEC has shown cautiousness towards approving crypto ETFs beyond Bitcoin and Ethereum, conforming to a pattern of delays.
Looking Ahead:If approved, the Bitwise NEAR ETF will offer investors an opportunity to invest in NEAR through a traditional brokerage account, diversifying their crypto holdings beyond Bitcoin and Ethereum. The future of this and other crypto ETFs in the pipeline is, for now, suspended in regulatory limbo.
A New Horizon:As the crypto market evolves, we can expect more companies to follow suit, filing for ETFs tied to different cryptocurrencies. This trend towards mainstream investment vehicles for cryptocurrencies could potentially reshape the investment landscape and attract a broader range of investors to the crypto sphere.
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- The Bitwise NEAR ETF, aiming to track the value of NEAR, will enter the market as a scalable layer-1 blockchain's focus on decentralized applications becomes the centerpiece.
- Bitwise, known for its Bitcoin and Ethereum ETFs, has expanded its altcoin portfolio with the filing of the Bitwise NEAR ETF, seeking to adhere to the benchmark of the CF NEAR-Dollar Settlement Price.
- The Bitwise NEAR ETF, with Coinbase Custody Trust Company, LLC handling custody, aims to provide investors with a conventional investing opportunity in the native token of the NEAR Protocol by holding NEAR and establishing its net asset value (NAV).
- The NEAR Protocol, with a market cap of $2.8 billion, currently ranks as the 44th largest cryptocurrency, following the filing of the Bitwise NEAR ETF in 2025.
- In the world of finance, the regulatory landscape under the Biden administration has demonstrated a promising outlook, with spot Bitcoin and Ethereum ETFs gaining approval in 2024 and 2024, respectively.
- However, the SEC's cautiousness towards approving crypto ETFs beyond Bitcoin and Ethereum has led to delays in several applications, such as XRP and DOGE, with their decisions deferred to mid-2025.
- The prospect of the Bitwise NEAR ETF's approval would offer investors an opportunity to diversify their crypto holdings, possibly reshaping the investment landscape and attracting a broader range of investors to the crypto sphere.
- As technology continues to drive the growth and evolution of the cryptocurrency market, we may see more companies following in Bitwise's footsteps, filing for ETFs tied to various cryptocurrencies, including altcoins.
- Investors are encouraged to independently verify facts and consult with a professional before making decisions based on this content, as BeInCrypto is dedicated to transparent, unbiased reporting in accordance with the Trust Project guidelines.
