Bitwise Drops NEAR ETF Bomb on SEC—Crypto’s Institutional On-Ramp Just Got Wider

Wall Street’s crypto-curious just got a new toy. Bitwise lobs the first-ever NEAR Protocol ETF filing at the SEC—because what’s a bull market without another speculative vehicle for the suits?

The NEAR Factor

Move over, Bitcoin and Ethereum. The altcoin ETF arms race begins with NEAR, the layer-1 blockchain that’s been quietly eating Solana’s lunch on developer activity. Bitwise’s play? Capitalize on institutional FOMO before the next cycle really heats up.

Regulatory Roulette

The SEC’s inbox now holds a ticking time bomb. Approve this, and they greenlight altcoin legitimacy. Deny it, and face accusations of playing favorites with Bitcoin. Either way, Gary Gensler’s headache just got worse.

The Punchline

Another day, another ETF filing—because nothing says ’mature asset class’ like packaging decentralized tech into Wall Street’s favorite speculative wrapper. The irony? NEAR’s actual users won’t touch this thing with a 10-foot validator node.

Coinbase Custody Named Custodian for Bitwise NEAR ETF

According to the registration statement, Coinbase Custody will serve as the fund’s custodian, ensuring secure storage of NEAR tokens.

While details such as the management fee, ticker symbol and target exchange remain undisclosed, the fund is designed to trade on traditional brokerages, making it accessible to mainstream investors.

NEAR and Other Altcoins Vie for Regulated Market Exposure with SEC-Approved ETFs

This filing comes as the SEC faces mounting pressure to approve crypto ETFs beyond Bitcoin and Ethereum. Currently, several asset managers, including BlackRock and Grayscale, are awaiting decisions on spot ETFs for tokens like Solana, XRP and Cardano.

The approval of Bitcoin ETFs in 2024 sparked a surge in institutional interest, with Ethereum ETFs following suit. Now, altcoins like NEAR are vying for a slice of the regulated market, promising diversified portfolios for risk-tolerant investors.

Investors Await SEC Decision on New Opportunities in Crypto

Bitwise’s ETF will derive its net asset value from the CF NEAR-Dollar Settlement Price, providing a transparent benchmark for performance.

The fund’s structure allows for creation and redemption processes. This ensures liquidity for investors. By offering a regulated vehicle, Bitwise aims to bridge the gap between traditional finance and the evolving crypto ecosystem. It makes NEAR more approachable for those hesitant about direct blockchain investments.

The race for altcoin ETF approvals is heating up, with NEAR now joining the fray.

As regulators weigh the balance between innovation and investor protection, Bitwise’s filing underscores the crypto industry’s push for legitimacy. For now, investors await the SEC’s verdict, which could unlock new opportunities in the dynamic world of digital assets.