Coinbase Eyes NEAR Protocol as Bitwise Files for Spot ETF

Bitwise Asset Management has taken a significant step toward offering a spot NEAR ETF, filing with the SEC on May 6. This move could pave the way for broader institutional adoption of NEAR Protocol’s native token, with potential implications for exchanges like Coinbase.

Bitwise Files for Spot NEAR ETF with SEC Approval Sought

Bitwise Asset Management has submitted an application to the U.S. Securities and Exchange Commission for a spot NEAR ETF, as detailed in a May 6 Form S-1 filing. The proposed fund aims to provide investors with direct exposure to the NEAR token by holding the underlying asset in custody.

NEAR, the native cryptocurrency of the Near Protocol, operates on a layer-1 blockchain designed to address scalability, security, and decentralization through innovative solutions like Nightshade sharding. Launched in 2020, the protocol has gained recognition for its high throughput and energy-efficient proof-of-stake consensus mechanism.

The Bitwise NEAR ETF will track the CF NEAR-Dollar Settlement Price benchmark, administered by CF Benchmarks, with Coinbase Custody Trust Company serving as the custodian. Structured as a Delaware statutory trust, the fund represents another milestone in the growing institutional adoption of digital assets.

Coinbase CEO Brian Armstrong’s Longevity Startup NewLimit Secures $130M Funding

Brian Armstrong, co-founder and CEO of cryptocurrency exchange Coinbase, is venturing beyond digital assets with his longevity startup NewLimit. The company has raised $130 million in a Series B funding round led by Kleiner Perkins, valuing the firm at $810 million.

NewLimit focuses on epigenetic reprogramming to reverse cellular aging, targeting proteins within cells to restore youthful function. Armstrong, whose net worth surged after Coinbase’s 2021 IPO, frames aging as an underaddressed global challenge: "Fifty-six million people die every year from aging—in any other context, that would be considered a crisis."