- Bitwise has filed the first-ever spot NEAR ETF proposal with the SEC, aiming to offer regulated exposure to NEAR Protocol.
- The ETF would track the CF NEAR-Dollar Settlement Price, giving investors access without directly managing crypto.
- The filing reflects rising demand for altcoin ETFs and could mark a major step in broader crypto adoption.
Bitwise Asset Management has officially submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for the first-ever spot NEAR exchange-traded fund (ETF). The filing, disclosed on May 6, places NEAR Protocol, an emerging layer-1 blockchain, at the forefront of the next wave of altcoin ETF contenders.
This strategic move reflects a rapidly growing investor appetite for regulated, diversified exposure to digital assets beyond Bitcoin and Ethereum. By filing for a spot NEAR ETF, Bitwise is not only expanding its product suite but also signaling confidence in NEAR’s long-term utility and adoption.
NEAR Protocol is designed for high-speed, low-cost transactions, aiming to solve blockchain scalability challenges. With its developer-friendly environment and sharding architecture, NEAR has gained significant traction in the Web3 space. Bitwise’s ETF seeks to capture this momentum, offering investors a simplified way to gain exposure to NEAR’s market performance without directly purchasing or managing the token themselves.
The proposed ETF will track the CF NEAR-Dollar Settlement Price, a benchmark designed to reflect the real-time market value of NEAR. Investors would benefit from a transparent valuation mechanism while avoiding the technical complexities of managing a crypto wallet or private keys.
According to the filing, Coinbase Custody Trust Company has been tapped as the fund’s custodian, ensuring institutional-grade security for the underlying digital assets. However, key details like the fund’s management fee, ticker symbol, and trading venue have yet to be announced.
Bitwise NEAR ETF Filing Signals Altcoin Breakthrough
Bitwise’s NEAR ETF application comes at a time when the SEC is under increasing pressure to greenlight spot ETFs for a broader range of crypto assets. Following the watershed approval of spot Bitcoin ETFs in early 2024 and Ethereum ETFs shortly thereafter, attention has turned to altcoins like Solana, XRP, Cardano, and now NEAR.
The demand is clear: institutional and retail investors alike are seeking safer, more convenient ways to participate in the evolving crypto market. ETFs offer a familiar vehicle, one that blends the accessibility of traditional brokerage platforms with the high-growth potential of digital assets.
By proposing a spot NEAR ETF, Bitwise is helping to chart new regulatory territory. The fund’s structure supports a creation-and-redemption mechanism, critical for ensuring liquidity and aligning prices with NAV. This approach reduces the premiums and volatility often seen in crypto investment products, further bridging the gap between traditional finance and blockchain innovation.
The success of this filing could reshape the investment landscape for altcoins. If approved, Bitwise’s NEAR ETF would represent a watershed moment for the NEAR ecosystem, potentially driving mainstream awareness and institutional capital toward the protocol.
Moreover, it reinforces the crypto industry’s broader push for legitimacy in the eyes of regulators and financial institutions. For now, market participants will be closely watching the SEC’s response to a decision that could set the tone for altcoin ETFs moving forward.
As the race for regulated crypto products intensifies, Bitwise’s NEAR ETF filing isn’t just a bold bet on one blockchain; it’s a statement about where the future of digital asset investing is headed.
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