Bitwise Files for Spot NEAR Protocol ETF, Expanding Altcoin ETF Race

On Friday, Bitwise Asset Management submitted a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot exchange-traded fund (ETF) tracking NEAR Protocol (NEAR), further expanding the lineup of altcoin investment vehicles seeking regulatory approval.

The proposed Bitwise NEAR ETF aims to provide investors with direct exposure to the price movements of the NEAR token via conventional brokerage accounts, eliminating the need for direct cryptocurrency ownership. This initiative follows Bitwise's registration of a Delaware statutory trust for the NEAR ETF, which was announced earlier in April, showcasing the asset manager's commitment to broadening its crypto investment options.

"The Trust's investment objective is to seek to provide exposure to the value of NEAR held by the Trust, less the expenses of the Trust's operations and other liabilities," the S-1 filing notes. The fund will track the CF NEAR-Dollar Settlement Price benchmark, calculated by CF Benchmarks.

suggesting Coinbase Custody Trust Company as the preferred custodian for the ETF to handle the maintenance of the fund's NEAR tokens and any required transactions. The filing does not yet disclose the exchange where the ETF will be listed, its ticker symbol, or the management fee.

suggesting Coinbase Custody Trust Company as the preferred custodian for the ETF to handle the maintenance of the fund's NEAR tokens and any required transactions. The filing does not yet disclose the exchange where the ETF will be listed, its ticker symbol, or the management fee.

To advance the ETF in the approval process, Bitwise will need to send a 19b-4 form to the SEC, formally kicking off the regulator's review. This follows the company's earlier announcement of its intention to make such a filing when registering the Delaware trust in late April.

Launched in 2020, NEAR Protocol is a layer-1 blockchain designed to solve the blockchain "trilemma" by achieving security, scalability, and decentralization simultaneously. It can process up to 100,000 transactions per second using its Nightshade sharding technology and is currently powered by 265 active validators.

At the time of writing, NEAR is changing hands at $12.29, showing a decline of over 1.2% over 24 hours. Ranked 44th among all cryptocurrencies according to CoinGecko statistics, it has a market capitalization of $1.73 billion. The ecosystem has also seen a shift in emphasis from DeFi to AI infrastructure in 2025 with intentions to create an open-source large language model.

As the SEC grapples with at least twelve spot crypto ETF applications, aiming to provide investors with exposure to specific cryptocurrencies through conventional stock market vehicles, the altcoin ETF landscape is rapidly expanding. Among the applicants are major financial institutions like BlackRock and Cathay Bank, showcasing the growing interest in this new asset class.

Among the altcoins targeted by these applications are Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), XRP, Cardano (ADA), Hedera (HBAR), Polkadot (DOT), Chainlink (LINK), Avalanche (AVAX), Aptos (APT), and Sui (SUI). These applications follow the approval of several Bitcoin and Ethereum ETFs earlier this year.

suggesting Coinbase Custody Trust Company as the preferred custodian for the ETF to handle the maintenance of the fund's NEAR tokens and any required edges the file does not yet disclose the exchange where the ETF will be listed, its ticker symbol, or the management fee.

To advance the ETF in the approval process, will need to send a 19b-4 form to the SEC, formally kicking off the regulator's review. This follows the company's earlier announcement of its intention to make such a filing when registering the Delaware trust in late April.

"We are grateful for the opportunity to register this innovative product with the SEC," a spokesperson for stated. "This filing is a testament to 's commitment to expanding the universe of investment options available to investors today."

suggesting Coinbase Custody Trust Company as the preferred custodian for the ETF to handle the maintenance of the fund's tokens and any required transactions. The filing does not yet disclose the exchange where the ETF will be listed, its ticker symbol, or the management fee.

suggesting Coinbase Custody Trust Company as the preferred custodian for the ETF to handle the maintenance of the fund's tokens and any required transactions. The filing does not yet disclose the exchange where the ETF will be listed, its ticker symbol, or the management fee.

suggesting Coinbase Custody Trust Company as the preferred custodian for the ETF to handle the maintenance of the fund's tokens and any required transactions. The filing does not yet disclose the exchange where the ETF will be listed, its ticker symbol, or the management fee.

suggesting Coinbase Custody Trust Company as the preferred custodian for the ETF to handle the maintenance of the fund's tokens and any required transactions. The filing does not yet disclose