Bitwise Files an S-1 Registration Statement with the SEC to Launch a Spot Near Protocol (NEAR) ETF

Digital asset management firm Bitwise has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a spot Near Protocol (NEAR) exchange-traded fund (ETF).

The proposed ETF, to be named Bitwise NEAR ETF and issued by Bitwise Trust in cooperation with Bitwise Asset Management, aims to provide brokerage-based exposure to NEAR, enabling investors to access the asset through traditional investment accounts.

Announcing the filing on X (formerly Twitter), crypto researcher Wu Blockchain shared a snapshot of the S-1 document, highlighting the ETF's structure and key administrative details. The filing follows Bitwise's recent registration of the Bitwise NEAR ETF entity in Delaware, which typically precedes formal submissions to the SEC.

If approved, the ETF will track the value of NEAR held by the trust, net of operating expenses and liabilities. The trust's net asset value (NAV) will be reduced daily by a Sponsor Fee, calculated in U.S. dollars and paid monthly in NEAR tokens.

The Sponsor, to be appointed by the trust, is also responsible for covering regular operational costs such as custody, audit, legal, and SEC filing fees, up to $500,000 annually. Extraordinary expenses not covered by the Sponsor, including regulatory actions, protocol upgrades, or legal disputes, may be settled by transferring or selling NEAR held by the Trust.

Bitwise has designated Coinbase Custody as the primary custodian, utilizing a cold storage infrastructure to protect private keys. The assets are not FDIC-insured but safeguarded under a fidelity insurance program designed to mitigate theft risks.

The Trust may use hot wallets or trading platforms in exceptional cases through a model known as Agent Execution. In this setup, a portion of NEAR is placed in pooled accounts, though this model is activated only when the standard Trust-Directed Trading Model cannot be used. Bitwise intends to distribute holdings based on security and insurance assessments if a new custodian is added.

In other relevant filings, several issuers are applying for approval to launch a variety of crypto-based investment vehicles, catering to diverse investor preferences. These filings include futures-based bitcoin ETFs, leveraged and inverse ETFs, and even a multi-token DeFi ETF.

As of early May, 72 crypto ETF applications are pending review, according to Bloomberg ETF analysts. These filings include spot, futures-based, staking, and leveraged ETFs tied to a wide range of digital assets, such as bitcoin, Ethereum, Solana, XRP, Dogecoin, and newer tokens like SEI and PENGU.

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