Bitwise Asset Management has taken a bold step by submitting an application to the US SEC for a spot NEAR exchange-traded fund , marking a major milestone for the altcoin market. The filing, announced on May 6, positions NEAR, a layer-1 blockchain known for its scalability, among a wave of cryptocurrencies seeking ETF approval. This move signals growing investor appetite for diversified crypto exposure through regulated financial products. The Bitwise NEAR ETF aims to mirror the price movements of the NEAR token, minus associated expenses, offering investors a way to gain exposure without directly holding the digital asset. Bitwise has filed a Form S-1 with the U.S. SEC to launch the Bitwise NEAR ETF, which will track the value of NEAR held by the trust, net of operating expenses and liabilities. https://t.co/dUCKFpx5i7 — Wu Blockchain (@WuBlockchain) May 6, 2025 Coinbase Custody Named Custodian for Bitwise NEAR ETF According to the registration statement, Coinbase Custody will serve as the fund’s custodian, ensuring secure storage of NEAR tokens. While details such as the management fee, ticker symbol and target exchange remain undisclosed, the fund is designed to trade on traditional brokerages, making it accessible to mainstream investors. NEAR and Other Altcoins Vie for Regulated Market Exposure with SEC-Approved ETFs This filing comes as the SEC faces mounting pressure to approve crypto ETFs beyond Bitcoin and Ethereum. Currently, several asset managers, including BlackRock and Grayscale, are awaiting decisions on spot ETFs for tokens like Solana , XRP and Cardano . The approval of Bitcoin ETFs in 2024 sparked a surge in institutional interest, with Ethereum ETFs following suit. Now, altcoins like NEAR are vying for a slice of the regulated market, promising diversified portfolios for risk-tolerant investors. Investors Await SEC Decision on New Opportunities in Crypto Bitwise’s ETF will derive its net asset value from the CF NEAR-Dollar Settlement Price, providing a transparent benchmark for performance. The fund’s structure allows for creation and redemption processes. This ensures liquidity for investors. By offering a regulated vehicle, Bitwise aims to bridge the gap between traditional finance and the evolving crypto ecosystem. It makes NEAR more approachable for those hesitant about direct blockchain investments. The race for altcoin ETF approvals is heating up, with NEAR now joining the fray. As regulators weigh the balance between innovation and investor protection, Bitwise’s filing underscores the crypto industry’s push for legitimacy. For now, investors await the SEC’s verdict, which could unlock new opportunities in the dynamic world of digital assets. The post Bitwise Submits First-Ever NEAR ETF Application to SEC appeared first on Cryptonews .
