Bitwise Goes All In: Files for Groundbreaking NEAR ETF with SEC

Direct Exposure to NEAR Token: A Game-Changer for Investors

Hang onto your hats, crypto fans! Bitwise Asset Management just dropped a bombshell by filing for a spot Near ETF with the U.S. Securities and Exchange Commission. You heard that right—Bitwise is diving into the NEAR pool headfirst!

According to a sizzling hot May 6 Form S-1 filing, the proposed Bitwise NEAR ETF is set to revolutionize the game by offering investors raw, unfiltered exposure to NEAR token prices. They're not messing around—actual NEAR tokens will be locked up tight in custody, ready to ride the waves of the market.

Now, what's the deal with NEAR? It's the powerhouse token fueling the Near Protocol, a layer-1 blockchain that's making waves with its high-speed throughput and eco-friendly proof-of-stake system. Launched in 2020, Near's on a mission to conquer the blockchain trilemma—scalability, security, and decentralization—all thanks to their slick Nightshade sharding technique.

Bitwise isn't playing it safe either. Their fund's going to be glued to the CF NEAR-Dollar Settlement Price benchmark, courtesy of CF Benchmarks, and they've tapped Coinbase Custody Trust Company to keep their NEAR tokens safe and sound.

This ETF isn't just any old fund; it's a Delaware statutory trust with shares representing slices of the NEAR pie. Bitwise even registered this trust on April 28, showing they mean business.

And forget about any shady derivatives or hyperactive trading—Bitwise's keeping it real with cash creations and redemptions, all handled by the pros at authorized financial participants.

But wait, there's more! For this ETF to blast off, Bitwise needs to throw a 19b-4 form at the SEC, kicking off the review process. They're not spilling the beans on the ticker or the exchange just yet, but you know it's coming.

Get this—right after the news hit the streets, NEAR rocketed up by about 5.7%! Sure, it dipped a bit later, down 1.6% at $2.29, but the excitement is palpable.

Bitwise's NEAR ETF isn't flying solo; it's joining a fleet of altcoin-based ETF applications filed in 2025. We're talking Solana, Cardano, Chainlink, Dogecoin, Hedera, Avalanche—the list goes on!

And Bitwise? They're not stopping at NEAR—they've also got filings for DOGE and SOL ETFs. They're already juggling spot Bitcoin and Ether ETFs on NYSE Arca, pulling in over $2.3 billion since they hit the scene.

The crypto world's buzzing with new applications, but the SEC's playing it cool, pushing back decisions left and right. Last month alone, they delayed the verdict on Bitwise's Bitcoin and Ethereum ETFs, another dual-asset product, and Canary Capital's Hedera ETF, all until June.

Grayscale's trying to turn their Polkadot trust into an ETF, and Canary's Litecoin ETF is also in limbo. The SEC's asking if the Litecoin ETF brings any new drama to the table.

In a twist of fate, crypto-friendly Paul Atkins has taken the SEC chair from Gary Gensler, sparking hope for a crypto-friendly future. But so far, no big approvals have come through under his watch.