Digital asset manager Bitwise has taken a significant step in the cryptocurrency market by filing to list a spot NEAR exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This move adds to the increasing number of altcoins striving for regulatory approval, reflecting the growing interest in alternative digital assets.
The proposed Bitwise NEAR ETF is designed to track the price movements of the NEAR token while accounting for expenses, as outlined in Bitwise’s registration statement dated May 6. Notably, Coinbase Custody has been named as the custodian for the fund. However, details regarding the management fee, ticker symbol, and the exchange on which the ETF will be listed have yet to be disclosed.
To initiate the SEC’s approval process, Bitwise must submit a 19b-4 filing, which is essential for commencing the fund’s regulatory review. The company indicated its plans to file this important document following the registration of a trust associated with the NEAR ETF in Delaware on April 28.
NEAR Token Joins a Competitive Landscape of Spot Crypto ETFs
As it stands, the SEC has amassed at least a dozen spot crypto ETF applications for review in 2025. This includes not only the Bitwise NEAR ETF but also applications for Litecoin, Dogecoin, Solana, XRP, Cardano, Hedera, Polkadot, Chainlink, Avalanche, Aptos, and Sui.
Bitwise is no stranger to the ETF landscape; it has previously filed applications for spot ETFs based on Dogecoin, Solana, and XRP. Additionally, the company already boasts an approved spot Bitcoin and Ether ETF, both of which are currently listed on NYSE Arca and have together attracted an impressive $2.35 billion in net inflows since their launch in the previous year.
The NEAR token, which powers the layer-1 NEAR blockchain, is currently the 44th largest cryptocurrency by market capitalization, valued at approximately $2.73 billion, according to CoinGecko data. Once heralded as an “Ethereum killer,” the NEAR blockchain is regarded by supporters as a solution to the so-called “blockchain trilemma,” which highlights the challenge of achieving a balance between security, scalability, and decentralization.
Through its innovative Nightshade sharding technology, NEAR can process up to 100,000 transactions per second and is safeguarded by a network of 265 active validators, underscoring its capability and security.
In 2024, the NEAR ecosystem underwent a transformation, shifting its focus from decentralized finance to artificial intelligence (AI) infrastructure. The initiative includes ambitious plans to develop the world’s largest open-source large language model, showcasing NEAR’s adaptability in the rapidly evolving tech landscape.
This recent filing by Bitwise represents not only a noteworthy advancement for the company but also highlights the increasing acceptance and regulatory engagement of cryptocurrency ETFs in the broader financial market.
