Bitwise, a premier firm in the world of digital asset management, has formally submitted an S-1 registration to the U.S. Securities and Exchange Commission (SEC) in pursuit of an opportunity to launch a spot exchange-traded fund (ETF) that would offer direct exposure to $NEAR , the native token of the NEAR Protocol. This event represents a significant advance in the evolution of cryptocurrency investment vehicles. It would allow traditional, SEC-regulated investment funds to gain exposure to NEAR without the complexities (and fund accountant hair-pulling) that come with directly holding or managing the cryptocurrency. If approved, this ETF could signal an opening of the floodgates for more institutional capital to enter the crypto space, a phenomenon many of us in the Bitcoin space like to call the “next bull run.” For years, the world of decentralized finance (DeFi) and blockchain technology has been interested in decentralized finance and blockchain technology, but direct participation in these markets has proven very challenging for the mainstream investment world. Investors have expressed interest in participating directly in these markets, but directly purchasing, holding, and securing cryptocurrencies has thwarted participation in what many believe to be a world of huge growth potential. Bitwise works on ETFs, and this one is designed to work with an investment in NEAR and then is directly backed with a purchase of NEAR NFTs. Institutional Access and the Future of Crypto ETFs The $NEAR spot ETF filing is part of a broader trend in the crypto space, where institutional and retail investors are increasingly after traditional financial products to interact with digital assets. ETFs are long-popular in traditional markets. They provide exposure to various asset classes (in an ETF’s case, a basket of assets) with ease. They have become a sought-after tool for investors in the digital asset world because of the promise to deliver exposure to the actual asset (or, in a tokenized funds case, the actual tokens). A spot ETF is attractive because it tracks the actual price of the underlying asset—in this case, the $NEAR token itself—without relying on futures contracts or other derivative products. Special attention should be given to the prospect of what a $NEAR spot ETF would actually do. If the SEC gives the green light to Bitwise’s filing, it will be a huge moment for the NEAR Protocol. It will put the relatively nascent blockchain project in the same company as some of the other big names in the space, like Solana and XRP, which are also in the race to offer access to institutional investors through ETF products. And an approval of a spot ETF for NEAR specifically could have huge implications for the token’s adoption and liquidity. In addition, a NEAR ETF would probably lure in many more retail investors because it would permit them to obtain exposure to the blockchain sector through good old-fashioned brokerage accounts. In this way, an ETF could serve as an entry point to something resembling a near-infinite variety of potential investments built on the NEAR platform. And, because the assets held within the ETF would need to be liquid enough for operators to make the sorts of trades that keep an ETF operating smoothly, it seems likely that demand for $NEAR itself would increase if the NEAR ETF succeeds. So, more retail and institutional investors exchanging $NEAR on various crypto trading platforms would seem to be the most direct pathway to a future in which the NEAR protocol has a much larger market cap and a much broader base of support. Bitwise has filed an S-1 with the SEC to launch a spot $NEAR ETF! This move aims to provide investors with direct exposure to @NEARProtocol 's native token through a regulated exchange traded fund, without the need to hold the cryptocurrency Why This Matters? Institutional… pic.twitter.com/QHu5YRj6Dp — Marcus (@marcus_NEAR) May 7, 2025 Security and Transparency with Coinbase Custody A key component of the proposed Bitwise $NEAR ETF is the selection of the custodian for the $NEAR tokens. The $NEAR tokens are to be held at Coinbase Custody Trust Company, which is an extremely reputable entity in the digital asset world. Coinbase Custody has solid crypto security (ask James Zhong about that!), is well-regulated, and holds the assets it safeguards in the location where those assets are most likely to remain secure. Those are just a handful of the reasons why we have confidence in Coinbase Custody and consider it a trustworthy place for holding $NEAR. Furthermore, the ETF will keep tabs on the CF NEAR Dollar Settlement Price—a standard created to offer pricing for $NEAR that’s as clear and accurate as it is possible to get, given the current state of blockchain technology. This is a pricing mechanism that, when it is right (as we contend it will be, all things considered), provides a product with a degree of transparency that instills a lot of trust. If you can see a price move in relation to a near-term dollar price with a high degree of certainty, then you can also be pretty assured that the asset you’re following has moved in a way you would have predicted it to. Hence the trust. And that’s a big part of what cryptocurrency needs in order to go more mainstream. A Growing Trend in Crypto ETFs Bitwise’s choice to apply for a spot $NEAR ETF reflects the strong interest that’s emerging in curated, diversified crypto investment products. The favorable reception that Bitcoin ETFs (both spot and futures-based) are enjoying has opened the door for other digital assets to pursue similar kinds of approvals from the SEC. With regulatory clarity around cryptocurrency products slowly but surely coming about, the $NEAR ETF could become one of the first SEC-approved products of its kind. If it does, the influx of institutional capital that many crypto advocates hope for could become a reality. The filing also shows that NEAR Protocol is being recognized in the crypto ecosystem and is positioning itself as a strong contender for mainstream adoption. If approved, the $NEAR ETF would provide a new and different way for investors to access the unique technology of the NEAR protocol and would, in my view, help enshrine NEAR as one of the top-tier blockchain projects. To sum up, Bitwise’s S-1 filing for a spot NEAR ETF is a key instance in the advancement of cryptocurrency investments. If SEC approval is granted, this could really open up pathways for institutional and retail investors into the NEAR Protocol, with all the possible associated positive outcomes for growth. Lots of strong language in here about security, strength of the $NEAR asset, and pricing mechanism transparency. If this is a thumbs up for the ETF, it’s also a potential thumbs up for DeFi on NEAR. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. 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