Bitwise files S-1 for NEAR ETF

Digital asset supervisor Bitwise has filed to listing a spot Close to exchange-traded fund with the US Securities and Alternate Fee, including to a rising listing of altcoins at the moment vying to win regulatory approval.

The Bitwise Close to (NEAR) ETF will observe the value actions of the NEAR token, minus bills, by a conventional brokerage, Bitwise’s Might 6 registration assertion shows.

Bitwise named Coinbase Custody because the proposed custodian of the Bitwise NEAR ETF. The administration payment, ticker and inventory change it seeks to listing on weren’t named but. 

Bitwise should additionally file a 19b-4 submitting with the SEC to kickstart the regulator’s approval course of for the fund. The crypto native asset supervisor indicated it might make such a submitting when it registered a belief linked to the NEAR ETF in Delaware on April 28.

NEAR joins a pile of spot crypto ETFs on the SEC’s desk

The SEC now has a minimum of a dozen spot crypto ETFs to evaluation in 2025, together with functions for Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), XRP (XRP), Cardano (ADA), Hedera (HBAR), Polkadot (DOT), Chainlink (LINK), Avalanche (AVAX), Aptos (APT) and Sui (SUI).

Bitwise already has functions out for a spot DOGE, SOL, and XRP ETFs, and likewise has an accepted spot Bitcoin (BTC) and Ether (ETH) ETF, that are listed on the NYSE Arca and have attracted a mixed $2.35 billion in internet inflows since launching final yr.

NEAR — the token powering the layer-1 Near blockchain — is the forty fourth largest cryptocurrency by market cap at $2.73 billion, CoinGecko data reveals.

The Close to blockchain was as soon as touted as an Ethereum killer and is taken into account by its proponents as an answer to the “blockchain trilemma” — the problem of attaining all three vital features of blockchain performance: safety, scalability and decentralization.

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By way of Nightshade sharding, Close to can course of as much as 100,000 transactions per second and is secured by 265 lively validators, Nearblocks.io data reveals.

The Close to ecosystem shifted from decentralized finance to AI infrastructure in 2024, unveiling plans to build the world’s largest open-source giant language mannequin.

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