Bitwise Files for Spot NEAR Protocol ETF, Expanding Altcoin ETF Race
On May 6th, Bitwise submitted a Form S-1 registration statement for the proposed Bitwise NEAR ETF. This filing is a crucial step that follow
Quick overview
- Bitwise Asset Management has submitted an S-1 registration statement to launch a spot ETF tracking NEAR Protocol, expanding cryptocurrency investment options.
- The proposed ETF aims to provide investors with direct exposure to NEAR's price movements without requiring direct ownership of the cryptocurrency.
- Bitwise has identified Coinbase Custody Trust Company as the custodian for the ETF, while the specific exchange and ticker symbol remain undisclosed.
- The SEC is currently reviewing multiple crypto ETF applications, with Bitwise's NEAR ETF adding to a growing list of altcoin ETFs under consideration.
Officially submitting an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), Bitwise Asset Management is launching a spot exchange-traded fund (ETF) tracking NEAR Protocol (NEAR), so broadening the expanding field of cryptocurrencies investment vehicles seeking regulatory approval.
By means of conventional brokerage accounts, the proposed Bitwise NEAR ETF seeks to give investors direct exposure to the price swings of the NEAR token, so negating the need for direct cryptocurrency ownership. This calculated action marks Bitwise’s initial step of registering a Delaware statutory trust for the NEAR ETF on April 28, so indicating the company’s will to extend its crypto investment options.
“The Trust’s investment objective is to seek 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,” the S-1 filing says. The fund will track the CF NEAR-Dollar Settlement Price benchmark, calculated by CF Benchmarks.
Responsible for maintaining the NEAR tokens of the fund and handling necessary transactions, Bitwise has identified Coinbase Custody Trust Company as the suggested custodian for the ETF The file does not yet state the exchange where the ETF will be listed, ticker symbol, or management fee.
Bitwise has to additionally send a 19b-4 form to the SEC, formally starting the regulator’s review, if the ETF is to advance in the approval process. When the corporation registered the Delaware trust in late April, it had earlier announced its intention to make such a filing.
NEAR Protocol: Market Outlook
Launched in 2020, NEAR Protocol is a layer-1 blockchain meant to solve the blockchain “trilemma” of concurrently attaining security, scalability, and decentralization. Currently housed 265 active validators, NEAR can handle up to 100,000 transactions per second using its Nightshade sharding technology.
NEAR is trading at over $2.29 at the time of writing, down by more than 1.2% over 24 hours. Ranked 44th among all the cryptocurrencies based on CoinGecko statistics, its market capitalization is $2.73 billion. With intentions to create an open-source huge language model, the ecosystem has since changed its emphasis from distributed finance to AI infrastructure in 2025.
Growing Altcoin ETF Landscape
Bitwise’s submission adds NEAR to a fast growing catalog of altcoins ETFs under SEC review. Among the at least twelve spot crypto ETF applications the regulatory body now has to consider in 2025 for Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), XRP, Cardano (ADA), Hedera (HBAR), Polkadot (DOT), Chainlink (LINK), Avalanche (AVAX), Aptos (APT), and Sui (SUI).
Bitwise itself’s ambitious expansion approach in the altcoin ETF market is shown by having already submitted applications for spot DOGE, SOL, and XRP ETFs. Currently running approved spot Bitcoin (BTC) and Ethereum (ETH) ETFs registered on NYSE Arca, the asset manager has attracted over $2.35 billion in net inflows since their introduction.
“Bitwise is mostly depending on altcoin credibility. One market analyst on social media site X observed on Wall Street exposure to L1s: “Wall Street is getting real”.
Regulatory Outlook for Crypto ETFs
For cryptocurrency ETFs, the road to SEC approval remains unknown even with the explosion in ETF applications. The Commission has lately extended review dates for numerous proposed crypto ETFs, including Bitwise’s Bitcoin and Ethereum ETFs, thereby guiding judgments to June. The agency has also postponed decisions regarding Grayscale’s application to convert Polkadot trust to an ETF and Canary’s Litecoin ETF filing.
Regarding Canary’s Litecoin ETF, the SEC particularly specified wanting to know if the product “raises any new or novel concerns not previously contemplated by the Commission.”
Since crypto-friendly Paul Atkins took Gary Gensler’s position as SEC chair, the sector has experienced a possibly more favorable legal environment. Still, under the new leadership the agency has not yet approved any significant projects.
As regulatory clarity continues to improve, industry observers predict more altcoin-based ETFs to emerge, potentially changing how both retail and institutional investors obtain exposure to the broader cryptocurrency market. The inclusion of NEAR in this trend points to increasing trust in its long-term worth proposition and blockchain ecosystem applicability.
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