Bitwise Files for NEAR ETF, Aims to Boost Blockchain Investment

NEAR's latest price was $, in the last 24 hours. Bitwise, a prominent U.S. fund manager, has filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch a NEAR-based ETF. This filing is a significant step for NEAR, as it could potentially bring fresh attention and investment to the blockchain ecosystem. Coinbase Custody has been chosen to store the NEAR tokens for the Bitwise NEAR ETF, ensuring secure management of the digital assets. This development follows similar moves by Grayscale and 21Shares, who have already introduced NEAR investment products. The approval of the Bitwise NEAR ETF would make it the first U.S. ETF linked to NEAR, allowing investors to gain exposure to the blockchain without directly purchasing or storing the token.

Bitwise's filing with the SEC is part of a broader trend of digital asset managers seeking regulatory approval for spot crypto ETFs. The NEAR blockchain, which powers the NEAR token, is known for its fast transaction processing and developer-friendly environment. It aims to solve the "blockchain trilemma" by achieving security, scalability, and decentralization through innovations like Nightshade sharding, which allows it to process up to 100,000 transactions per second. The NEAR ecosystem has also shifted its focus from decentralized finance to AI infrastructure, with plans to build the world's largest open-source large language model.

Bitwise's decision to file for a NEAR ETF comes after it registered the Bitwise NEAR ETF in Delaware, a common first step before filing with the SEC. This move is expected to bring more attention and investment to NEAR, potentially attracting new investors to the blockchain. The NEAR blockchain was once considered an Ethereum killer and is seen as a solution to the blockchain trilemma. Through Nightshade sharding, NEAR can process up to 100,000 transactions per second and is secured by 265 active validators. The NEAR ecosystem has also shifted its focus from decentralized finance to AI infrastructure, unveiling plans to build the world's largest open-source large language model.

Bitwise's filing for a NEAR ETF is part of a broader trend of digital asset managers seeking regulatory approval for spot crypto ETFs. The NEAR blockchain, which powers the NEAR token, is known for its fast transaction processing and developer-friendly environment. It aims to solve the "blockchain trilemma" by achieving security, scalability, and decentralization through innovations like Nightshade sharding, which allows it to process up to 100,000 transactions per second. The NEAR ecosystem has also shifted its focus from decentralized finance to AI infrastructure, with plans to build the world's largest open-source large language model.