Bitwise Asset Management is making waves in the crypto investment space once again with its registration of the Bitwise NEAR ETF in Delaware. This move could pave the way for the first U.S.-listed exchange-traded fund (ETF) tied to NEAR, the native token of the NEAR Protocol. A Strategic Expansion into Altcoins The newly registered trust marks Bitwise’s ongoing effort to diversify beyond Bitcoin and Ethereum. If approved, this ETF would grant institutional investors streamlined access to NEAR through a regulated product. This eliminates the hassle of managing private keys, wallets, and complex custody arrangements. Unlike private placement vehicles, ETFs provide real-time price transparency and are easily accessible via public exchanges. The fund would track NEAR’s spot price and disclose its holdings daily, helping investors better manage risk and portfolio exposure. Previous NEAR Investment Products Bitwise’s push comes amid rising interest in altcoin ETFs. Competitors such as 21Shares and Grayscale have already launched NEAR-related products, though not in the ETF format. 21Shares offers a staking ETP, while Grayscale’s NEAR Trust targets accredited investors via private placement. Bitwise’s offering, however, would be the first of its kind on a U.S. exchange, opening the door for broader institutional engagement with NEAR. Growing Crypto Product Portfolio Bitwise has become a heavyweight in the digital asset investment landscape. As of October 2024, the firm managed over $5 billion in assets, a fourfold increase within the year. Its product suite spans crypto index funds, spot ETPs, separately managed accounts, and more. One of its most successful launches, the spot Bitcoin ETF (BITB), debuted in January 2024 and has already amassed $3.6 billion in assets. This fund is now considered one of the top-performing Bitcoin ETFs in the market. Looking ahead, Bitwise plans to expand its ETF offerings to include other high-profile crypto assets like XRP, Dogecoin, and Solana. Regulatory Momentum Under Trump-Era Policies Bitwise’s latest move is also seen as part of a larger trend driven by a more crypto-friendly political climate. The Trump administration’s return to power has fostered optimism in the industry, with many anticipating quicker approvals for innovative financial products. Earlier this week, Trump Media and Crypto.com announced plans to launch “America-first ETFs,” including funds tied to Cronos. These announcements reflect growing confidence that the new SEC leadership will take a more favorable stance on digital assets. All Eyes on the SEC Ultimately, the fate of the Bitwise NEAR ETF rests with the U.S. Securities and Exchange Commission. Newly appointed SEC Chairman Paul Atkins is expected to oversee the review of numerous pending crypto fund applications in the coming months. If approved, Bitwise’s NEAR ETF could open a new chapter in institutional crypto investing—signaling that the altcoin era is gaining mainstream financial traction.
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