Bitwise Files First Ever Spot NEAR ETF with SEC

Bitwise Asset Management has made a landmark move by submitting the first-ever spot NEAR ETF proposal to the U.S. Securities and Exchange Commission. The filing, disclosed on May 6, positions NEAR Protocol as a frontrunner in the next wave of altcoin ETF contenders.

The proposed Bitwise NEAR ETF would track the CF NEAR-Dollar Settlement Price, offering investors regulated exposure to the layer-1 blockchain without the complexities of direct crypto management. This development reflects growing institutional demand for altcoin investment vehicles and could accelerate broader cryptocurrency adoption.

The trust will hold NEAR tokens directly, with the ETF’s value tied to the underlying assets minus operating expenses. Market observers view this as a significant test case for altcoin-based financial products following the success of Bitcoin and Ethereum ETFs.