Bitwise Files for an ETF (exchange-traded fund) for the NEAR protocol

Bitwise has registered an ETF (exchange-traded fund) for the NEAR protocol in Delaware, a highly important step in its objective of offering financial

TL;DR: Bitwise has begun the process of registering an ETF for the NEAR protocol in Delaware, aiming to offer financial products related to the crypto industry. The move comes as the U.S. SEC has shown a more favorable stance toward cryptocurrencies, particularly under Donald Trump's administration. The ETF, named “Bitwise Near ETF,” is still in the early stages, and the firm will need to file the relevant forms with the SEC.

The registration in Delaware is a common step before formally submitting the application to the U.S. regulatory body. Approval of this ETF would allow institutional investors to access NEAR, potentially boosting the token's liquidity and increasing interest in its ecosystem. The news of this registration has already impacted NEAR, with the token price rising over 3.5% in the last 24 hours. It has also seen a nearly 27% increase over the week, reaching a value of $2.62 per unit.

The high expectations for the potential approval of financial products enabling broader investor participation are evident in the recent price movements. This ETF would join a series of other funds Bitwise has attempted to launch for cryptocurrencies like Solana, XRP, Dogecoin, and Aptos.

Since Trump took office, the SEC has shown a friendlier stance toward the crypto industry, dismissing several lawsuits against companies in the sector and paving the way for other cryptocurrency funds to be approved. However, the SEC has not shown urgency in approving these products, which could be a factor in Bitwise's decision to focus on NEAR first.

Bitwise hopes NEAR will capture greater attention from institutional investors, which could positively impact its valuation and market consolidation. Several other crypto funds are still pending the SEC's decision, including those for Solana, XRP, Dogecoin, and Aptos, which Bitwise has applied for previously.