Bitwise's NEAR ETF Flies High Amid Crypto Sea
Bitwise seeks regulatory approval from the Securities and Exchange Commission (SEC) to launch a spot Exchange-Traded Fund (ETF) for NEAR cryptocurrency.
Bitwise Asset Management is taking a leap into the crypto arena with its filings for a NEAR ETF. The proposed fund aims to offer investors direct exposure to the NEAR token, the native currency of the Near Protocol, a blockchain hub known for its high throughput and energy-efficient consensus mechanism.
According to a Form S-1 filing, the Bitwise NEAR ETF is designed to mirror the CF NEAR-Dollar Settlement Price benchmark, calculated by CF Benchmarks, using Coinbase Custody Trust Company as its custodian. The ETF is structured as a Delaware statutory trust, with shares representing fractional ownership of the NEAR tokens it holds.
Despite the excitement, crucial details, such as the management fee, ticker symbol, and target exchange, remain under wraps at the moment. This filing marks the first official take on a NEAR ETF by an asset manager, placing it in the league of other cryptocurrencies eyeing SEC-approved ETFs.
Bitwise's move comes amid a wave of altcoin-based ETF applications in 2025, with submissions for SOL, ADA, LINK, DOGE, HBAR, and AVAX under review. Bitwise itself has filed for DOGE and SOL ETFs and manages spot Bitcoin and Ether ETFs listed on NYSE Arca, which have amassed over $2.3 billion in inflows since launch.
The SEC's response to these filings has been sluggish, with several proposed ETFs, including Bitwise's Bitcoin and Ethereum ETFs and Grayscale's Polkadot trust conversion, seeing extended review deadlines. The Litecoin ETF filing is still awaiting comments on unique concerns it might raise.
With crypto-friendly Paul Atkins replacing Gary Gensler as SEC chair, the possibility of a more progressive stance toward digital asset products is in sight. However, no major approvals have surfaced since his appointment. As for the Bitwise NEAR ETF, we'll have to wait and see as the SEC continues its deliberations.
- The NEAR token, the native currency of the Near Protocol, is set to receive direct exposure via the proposed Bitwise NEAR ETF.
- The Bitwise NEAR ETF is modeled after the CF NEAR-Dollar Settlement Price benchmark, calculated by CF Benchmarks.
- Coinbase Custody Trust Company will serve as the custodian for the Bitwise NEAR ETF.
- The structure of the Bitwise NEAR ETF is that of a Delaware statutory trust, with each share representing fractional ownership of the NEAR tokens it holds.
- Crucial details, such as the management fee, ticker symbol, and target exchange, for the Bitwise NEAR ETF are yet to be disclosed.
- Bitwise's move to file for a NEAR ETF follows a trend of altcoin-based ETF applications in 2025, which also includes SOL, ADA, LINK, DOGE, HBAR, and AVAX.
- Bitwise has previously filed for DOGE and SOL ETFs and manages spot Bitcoin and Ether ETFs listed on NYSE Arca.
- The SEC's review process for these proposed ETFs, including Bitwise's Bitcoin and Ethereum ETFs and Grayscale's Polkadot trust conversion, has been slow.
- The Litecoin ETF filing is still awaiting comments on unique concerns it might raise.
- The appointment of crypto-friendly Paul Atkins as SEC chair has prompted hopes for a more progressive stance toward digital asset products, although no major approvals have been issued thus far.
- As for the Bitwise NEAR ETF, the SEC's decision will be watched closely as discussions continue.
