Bitwise Seeks SEC Nod for NEAR-Based Exchange-Traded Fund
Bitwise Asset Management has officially entered NEAR into the growing lineup of altcoins seeking approval for spot crypto ETFs. In a registration statement filed with the U.S. Securities and Exchange Commission (SEC) on May 6, the digital asset manager proposed a spot Near ETF designed to track the real-time market value of the NEAR token, minus management expenses.
The filing indicates Coinbase Custody would serve as the fund’s custodian. However, details such as the ETF’s ticker symbol, management fee, and target exchange were not disclosed.
What Comes Next for the Bitwise NEAR ETF?
To move forward, Bitwise still needs to submit a 19b-4 form with the SEC — a requirement for triggering the formal regulatory review. The firm already laid some groundwork by registering a trust tied to the NEAR ETF in Delaware on April 28.
- The proposed ETF would allow investors to gain exposure to NEAR through traditional brokerage accounts.
- NEAR is the native token of the Near Protocol, a layer-1 blockchain focused on solving the “blockchain trilemma” — balancing scalability, decentralization, and security.
- With a current market cap of $2.73 billion, NEAR ranks as the 44th largest cryptocurrency, according to CoinGecko.
Altcoin ETFs Multiply as SEC Faces Growing Queue
Bitwise’s NEAR proposal is just one of many crowding the SEC’s docket in 2025. The agency is already reviewing applications for several other altcoin-based ETFs, including those tied to Litecoin, Dogecoin (DOGE), Solana (SOL), and Ripple’s XRP.
Bitwise, which already launched a spot Bitcoin ETF now trading on NYSE Arca, has seen that fund attract a total of $2.35 billion in net inflows since its debut. The firm’s aggressive push into altcoin ETFs signals confidence that the SEC may gradually ease its stance on crypto-backed investment vehicles.
As Bitwise expands its ETF ambitions, investors and analysts alike will be watching closely to see whether NEAR joins the ranks of approved spot crypto funds.
