Bitwise Files For Spot NEAR ETF With SEC

Bitwise, a leading digital asset management firm, has taken a significant step towards expanding its cryptocurrency offerings by submitting a registration statement for a spot NEAR exchange-traded fund (ETF) with the Securities and Exchange Commission. This move is part of Bitwise's broader strategy to provide investors with secure and regulated exposure to various digital assets, including the Near Protocol, a blockchain platform recognized for its scalability and developer-friendly features.

The submission of the S-1 form is a critical milestone in the process of launching an ETF. This document provides comprehensive details about the fund's structure, fees, and other pertinent information. The Bitwise NEAR ETF, if approved, will issue common shares of beneficial interest that are expected to be listed on a national securities exchange. This development is particularly noteworthy given the evolving regulatory landscape for digital asset products in the U.S., which has seen increased scrutiny and changing guidelines.

By filing for a spot NEAR ETF, Bitwise is positioning itself to meet the growing institutional demand for compliant exposure to cryptocurrencies. The NEAR Protocol is the latest cryptocurrency to enter the spot ETF race in the U.S., following similar filings for other tokens such as XRP and Solana. This move aligns with Bitwise's previous filing in Delaware for the product, indicating a strategic approach to expanding its crypto offerings. The trust will offer direct exposure to the 33rd biggest cryptocurrency by market cap, providing investors with a new avenue to gain exposure to the digital asset market.

The S-1 form reveals the proposed name of the fund as the “Bitwise NEAR ETF.” While specific details regarding the ETF's structure, fees, and ticker symbol are yet to be disclosed, the filing represents a significant advancement in Bitwise's efforts to diversify its crypto investment options. The firm has previously submitted an S-1 for a spot Solana ETF, aiming to capitalize on the increasing institutional demand for compliant SOL exposure. This latest filing for a NEAR ETF further underscores Bitwise's commitment to offering investors a wide range of crypto investment opportunities.