Bitwise Files S-1 Form with SEC to Launch a NEAR-Based ETF, Major Move

Bitwise followed Grayscale and 21Shares, but its entry could bring fresh attention to NEAR. Despite ETF filing, NEAR's price shows

Bitwise, a prominent U.S. fund manager with $12 billion in assets under management, is planning to apply for an ETF that will follow the price of Near (CRYPTO: NEAR) protocol’s native token.

What Happened: Bitwise has submitted a Form S-1 filing with the U.S. Securities and Exchange Commission (SEC) for the Bitwise NEAR ETF. The ETF will be linked to a trust that holds NEAR tokens, subject to a reduction for operating expenses and liabilities.

If approved by the SEC, this initiative could mark a significant turning point for Near, potentially pushing its price to the next level.

The fund manager, recognized for its endeavors in the cryptocurrency domain, is currently seeking approval for a Bitcoin (CRYPTO: BTC) ETF.

If Bitwise manages to secure approval for its NEAR ETF, it would be the first U.S. ETF to follow the Near token. This move is anticipated to attract a substantial influx of liquidity and interest in Near.

The Bitwise NEAR ETF will be fully disclosed and may be suitable for a broad range of investors, boasting low management fees and no minimum investment requirements.

Earlier this year, Bit申し立てられた s completed the registration of the Bitwise NEAR ETF in the state of Delaware on April 25. This step typically precedes the filing of an application with the SEC to launch an ETF that follows the price of a specific asset.

Also Read: Grayscale's Victory In Sight As SEC Postpones Decision On Spot Bitcoin ETF Filing

The filing of an ETF linked to Near comes as no surprise, considering that Grayscale and 21Shares have already applied for such products. However, Bitwise's entry into the scene could bring even greater attention and capital to the Near ecosystem.

As of Saturday morning, the price of Near showed no significant change following the news. It is currently trading at around $2.30, marking a decrease of 1.6% over the past 24 hours.

Nevertheless, short-term technical indicators suggest some caution. The MACD is indicating bearish momentum, while the RSI stands at 90, which signals that Near is overbought. This setup implies that a price drop could be forthcoming.

The bulls will need to defend the key support level at $2.10 and manage to push Near back up towards the $2.70 resistance zone in order to avoid such a scenario.