NEAR Protocol Enters ETF Arena: Bitwise Submits SEC Filing

Bitwise Targets NEAR Protocol With New Spot ETF Filing

NEAR Protocol Enters ETF Arena – Digital asset manager Bitwise has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot NEAR ETF, joining a wave of altcoin-focused funds seeking regulatory approval in 2025. The proposed Bitwise NEAR ETF would track the price performance of the NEAR token, excluding fees and expenses, according to a registration statement dated May 6.

While the filing does not yet disclose the management fee, stock exchange, or ticker symbol, Bitwise confirmed that Coinbase Custody will serve as the custodian. To initiate the regulatory review, Bitwise must also file a 19b-4 form with the SEC. The company already registered a NEAR-linked trust in Delaware on April 28, indicating its intent to pursue the ETF launch.

NEAR Joins Growing List of Spot Crypto ETF Filings

Bitwise’s NEAR application adds to an expanding list of spot crypto ETFs currently under SEC review. Other proposed funds include applications for Solana (SOL), Dogecoin (DOGE), Cardano (ADA), XRP, Avalanche (AVAX), Litecoin (LTC), and more. These products aim to offer investors exposure to top-performing altcoins through traditional brokerage platforms.

Bitwise already manages spot Bitcoin (BTC) and Ethereum (ETH) ETFs, both listed on NYSE Arca, which have collectively attracted $2.35 billion in net inflows since their 2024 launch.

NEAR’s Blockchain Ambitions and Market Position

NEAR Protocol, a layer-1 blockchain, powers the NEAR token and is currently the 44th largest cryptocurrency with a market cap of $2.73 billion, according to CoinGecko. Once dubbed an “Ethereum killer”, NEAR is recognized for addressing the blockchain trilemma — balancing scalability, security, and decentralization.

Through Nightshade sharding, NEAR can process up to 100,000 transactions per second, backed by 265 active validators, according to Nearblocks.io. In 2024, the ecosystem pivoted from DeFi to AI infrastructure, announcing plans to build the world’s largest open-source large language model.

As ETF interest expands beyond Bitcoin and Ether, Bitwise’s NEAR application highlights rising institutional appetite for diversified crypto exposure.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.