Asset manager Bitwise is continuing its efforts to launch a NEAR ETF, having now filed its S-1 form with the U.S. Securities and Exchange Commission (SEC), a new filing shows.
This development could be bullish for the Near Protocol price, with institutional investors set to gain exposure to the altcoin through this fund.
What Happened: A recent SEC filing shows that Bitwise has registered its proposed NEAR ETF with the U.S. SEC as part of the plans to launch a fund that will directly track the value of the Near Protocol price and provide investors with exposure to the altcoin.
This comes after the asset manager registered the Near Protocol ETF in Delaware. Following this filing, the firm will now move to file a 19b-4 form for the ETF with the Commission through an exchange, which will officially kickstart the approval process as the exchange declares its intention to list and trade the fund on its platform.
The Commission already has several filings for other altcoin ETFs on its desk, including ones from Bitwise. Bitwise has already filed for Solana, XRP, Dogecoin, and Aptos ETFs.
However, the SEC is in no hurry to approve these funds despite the regulatory-friendly environment which the Commission has created under this new administration. The agency has so far delayed its decision on all other crypto ETFs, with the latest being Canary Capital’s Litecoin ETF filing.
See More: Top 50 Cryptocurrencies on Benzinga
Why It’s Important: The news of Bitwise's S-1 filing for its NEAR ETF is a significant development in the rapidly evolving landscape of crypto ETFs.
As institutions increasingly seek avenues to invest in digital assets, the launch of such a fund could generate substantial interest.
Moreover, the surging popularity of NEAR, a high-performance blockchain known for its smart contract capabilities, could further contribute to the fund's appeal.
Earlier this year, Bitwise CEO Henri Constantinesco said that the firm is prepared to launch its Bitcoin ETF within a “matter of days” once the greenlight is given by the SEC.
