Bitwise Files for NEAR Protocol ETF Amid 26% Token Gain

Bitwise Asset Management has initiated the process of launching a new exchange-traded fund (ETF) focused on NEAR Protocol’s native token, NEAR. The firm registered a new entity called Bitwise NEAR ETF on April 24, as indicated by information on Delaware’s official state website. The filing, listed under number 10174379, categorizes the entity as a corporate trust service, suggesting early preparations for a potential spot NEAR ETF in the United States.

The proposed NEAR ETF aims to replicate the performance of the NEAR token, which currently has a market capitalization of approximately $3.14 billion. NEAR is positioned as the 34th-largest digital asset by market cap and is described as “the blockchain for AI.” This move represents the first known attempt by any firm to introduce a NEAR-focused ETF to the US market. If successful, it could open the door for broader institutional investment in the protocol.

Bitwise has previously registered similar Delaware trusts for Dogecoin and Aptos ETFs, indicating that the firm may soon submit an S-1 application to the US Securities and Exchange Commission (SEC). The ETF registration coincides with a surge in the token’s price, which has increased by more than 6.5% in the last 24 hours, trading at $2.60 after a 7-day gain of over 26%.

Bitwise’s initiative follows several regulatory delays on other ETF applications. On April 24, the SEC extended its review period for multiple altcoin ETFs, including proposals from Grayscale for a Polkadot ETF and Canary Capital for an HBAR ETF. Both decisions have been postponed until June 11. Additionally, the SEC delayed its verdict on Bitwise’s proposed dual Bitcoin and Ethereum ETF until June 10, citing the need for further analysis and public comment review for these extensions.

This series of filings underscores the evolving regulatory landscape for digital assets in the United States. Currently, the financial regulator is assessing 72 different digital asset-related ETF proposals, encompassing a variety of single, dual, and multi-asset products. The ongoing shift in regulatory sentiment reflects a growing interest in integrating digital assets into traditional financial markets, with Bitwise’s NEAR ETF being a notable example of this trend.