Bitwise Asset Management Officially Files for the First-Ever Spot NEAR Exchange-Traded Fund (ETF)

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

U.S. officials are now reviewing an application for the first-ever spot NEAR exchange-traded fund (ETF), according to a May 6 filing with the Securities and Exchange Commission (SEC).

This filing, by Bitwise Asset Management, places NEAR Protocol, an emerging layer-1 blockchain, at the forefront of the next wave of altcoin ETF contenders.

Specifically, the document details the creation of the Bitwise NEAR ETF, which will track the value of NEAR held by or for the trust, less operating expenses and liabilities of the trust.

The move comes amid rapidly growing investor appetite for regulated, diversified exposure to digital assets beyond Bitcoin and Ethereum.

“[The fund] will provide investors with a convenient and efficient way to invest in NEAR, without the need to purchase or manage the tokens directly,” the filing stated.

The ETF will track the CF NEAR-Dollar Settlement Price, a benchmark designed to reflect the real-time market value of NEAR. Investors will benefit from a transparent valuation mechanism while avoiding the technical complexities of managing a crypto wallet or private keys.

Coinbase Custody Trust Company has been named as the fund’s custodian, ensuring institutional-grade security for the underlying digital assets. However, key details like the fund’s management fee, ticker symbol, and trading venue have yet to be announced.

This application follows the approval of spot Bitcoin ETFs in early 2024 and Ethereum ETFs shortly thereafter, with attention now turning to other major altcoins like Solana, XRP, Cardano, and now NEAR. The demand is clear: institutional and retail investors alike are seeking safer, more convenient ways to participate in the evolving crypto market.

ETFs offer a familiar vehicle, one that blends the accessibility of traditional brokerage platforms with the high-growth potential of digital assets.

However, to navigate this new regulatory territory, the fund’s structure will support a creation-and-redemption mechanism, critical for ensuring liquidity and aligning prices with NAV. This approach reduces the premiums and volatility often seen in crypto investment products, further bridging the gap between traditional finance and blockchain innovation.

If approved, Bitwise’s NEAR ETF could represent a watershed moment for the NEAR ecosystem, potentially driving mainstream awareness and institutional capital toward the protocol.

It would also reinforce the crypto industry’s broader push for legitimacy in the eyes of regulators and financial institutions. For now, market participants will be closely watching the SEC’s response to a decision that could set the tone for altcoin ETFs moving forward.

As the race for regulated crypto products intensifies, Bitwise’s NEAR ETF filing isn't just a bold bet on one blockchain; it’s a statement about where the future of digital asset investing is headed.