Bitwise Files for NEAR Protocol ETF – Another Crypto Fund Seeks SEC Greenlight
Crypto asset manager Bitwise makes its move on the ETF frontier, submitting an S-1 filing for a NEAR-focused fund. The SEC now holds the keys to another potential gateway for institutional crypto exposure.
Why it matters: Another altcoin ETF application signals growing demand for diversified crypto investment vehicles beyond Bitcoin and Ethereum.
Wall Street watchdogs brace for impact as crypto firms keep testing regulatory boundaries. Will NEAR get its moment in the ETF spotlight, or join the growing pile of ’maybe next year’ applications?
NEAR Joins the Altcoin ETF Race With Bitwise Filing
The proposed ETF aims to track the value of NEAR, the native token of the NEAR Protocol. It is a layer-1 blockchain focused on scalability and decentralized applications.
The filing did not specify the exact exchange where the ETF will be listed or the ticker symbol it will use. Coinbase Custody Trust Company, LLC will serve as the custodian. It will be responsible for safeguarding the Trust’s NEAR, managing the Trust’s NEAR account, and facilitating required NEAR transfers.
“The Trust’s investment objective is to seek to provide exposure to the value of NEAR held by the Trust, less the expenses of the Trust’s operations and other liabilities. In seeking to achieve its investment objective, the Trust will hold NEAR and establish its net asset value (“NAV”) by reference to the [CF NEAR-Dollar Settlement Price] (the “Pricing Benchmark”),” the S-1 reads.
Notably, the move did not impact NEAR’s price. Over the past day, the cryptocurrency has experienced a modest decline of 0.8%. At press time, it traded at $2.3.
BeInCrypto data shows that NEAR is the 44th largest cryptocurrency, with a market capitalization of $2.8 billion.
NEAR now joins Bitwise’s growing list of altcoin ETF applications. The firm already offers ETFs tied to major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). It is also seeking SEC approval for several more, including Dogecoin (DOGE), Solana (SOL), XRP (XRP), and Aptos (APT).
“Bitwise is betting big on altcoin legitimacy. Wall Street exposure to L1s is getting real,” an analyst wrote on X.
While the surge in filings suggests 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, with deadlines pushed to mid-June 2025.
This pattern of delays aligns with the SEC’s cautious approach to crypto ETFs beyond Bitcoin and Ethereum, despite a more favorable regulatory climate under the Biden administration, which saw spot Bitcoin ETFs approved in January 2024 and Ethereum ETFs in July 2024.
