Securities filing for NEAR ETF submitted to the Securities and Exchange Commission by Bitwise.
Casual Chat:
Hey there! Bitwise Asset Management, known for their crypto ETFs, just dropped a bombshell! They've submitted a Form S-1 registration statement to the SEC to launch the Bitwise NEAR ETF, tracking the value of NEAR, the native token of the NEAR Protocol. No word yet on where it'll be listed or its ticker symbol, but Coinbase Custody Trust Company, LLC is on board as the custodian. Layer-1 blockchain fans, rejoice! 🚀🚀
NEAR Jumps into the Altcoin ETF Race
The proposed ETF seeks to bring NEAR into the limelight, focusing on scalability and decentralized applications. Although the specifics of the listing haven't been revealed, it's worth noting that this move doesn't mark Bitwise's first foray into altcoins. They've already got their hands on ETFs tied to Bitcoin (BTC) and Ethereum (ETH), and are gunning for SEC approval for several more, including Dogecoin (DOGE), Solana (SOL), XRP (XRP), and Aptos (APT).
While the crypto world eagerly waits for the green light, it's essential to remember that the SEC's approval process can be unpredictable. Delays have been common, as seen with the XRP and DOGE ETF applications, pushing deadlines to mid-June 2025. With the SEC treading cautiously when it comes to crypto ETFs beyond Bitcoin and Ethereum, even under the Biden administration, which approved spot Bitcoin ETFs in January 2024 and Ethereum ETFs in July 2024, we'll just have to wait and see how this one pans out. 🕰️
Sources:[1] Bitwise NEAR ETF: The Registration Statement Explained - BeInCrypto (link to source)[2] Bitwise NEAR Trust Formation: What You Need to Know - BeInCrypto (link to source)[3] Who's the Custodian for the Bitwise NEAR ETF? - BeInCrypto (link to source)
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- With Bitwise's new NEAR ETF, the focus is on scalability and decentralized applications, expanding their portfolio beyond Bitcoin (BTC) and Ethereum (ETH).
- The Bitwise NEAR ETF, seeking to bring NEAR into the mainstream, is soon to hit the market cap, but the listing details remain elusive.
- Coinbase Custody Trust Company, LLC has been announced as the custodian for the Bitwise NEAR ETF, a move that reinforces the trust in crypto finance.
- Bitwise is not new to altcoins, as they already manage ETFs tied to Bitcoin, Ethereum, and a list of others like Dogecoin (DOGE), Solana (SOL), XRP (XRP), and Aptos (APT).
- The SEC's approval process for the new ETFs can be unpredictable, with delays seen in the XRP and DOGE ETF applications, prolonging deadlines to mid-June 2025.
- The Biden administration has approved spot Bitcoin ETFs in January 2024 and Ethereum ETFs in July 2024, but remains cautious when it comes to other crypto ETFs.
- As technology evolves and investing in crypto becomes more accessible, keeping a wallet full of various tokens like NEAR, BTC, ETH, DOGE, SOL, XRP, and APT might just be the way to go in the decentralized finances of tomorrow.
