Bitwise applies for spot NEAR ETF, joining the competition for crypto ETFs

Crypto asset management giant Bitwise has officially submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that tracks the spot price of NEAR Protocol. This latest move marks a further increase in the application of altcoin ETFs, and NEAR has officially joined the SEC review list.

Bitwise promotes NEAR ETF listing plan

According to the registration statement filed by Bitwise on May 6, 2025, the proposed Bitwise NEAR ETF will provide investors with exposure to NEAR token price fluctuations through traditional securities brokerage channels, minus related fees. Bitwise has designated Coinbase Custody as the proposed custodian to ensure the security of the fund's underlying assets.

Currently, the ETF's trading symbol (ticker), the stock exchange where it plans to be listed, and the management fee rate have not been disclosed. In addition, Bitwise still needs to submit a key 19b-4 document to formally initiate the SEC's regulatory approval process. In fact, as early as April 28, Bitwise expressed its intention to submit this document when registering a trust entity related to the fund in Delaware.

Altcoin ETFs expand, NEAR enters regulatory review

The addition of NEAR has further expanded the list of spot crypto ETFs currently awaiting SEC approval. In addition to NEAR, the SEC currently needs to review ETF applications covering multiple crypto assets such as Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), Cardano (ADA), Hedera (HBAR), Polkadot (DOT), Chainlink (LINK), Avalanche (AVAX), Aptos (APT) and Sui (SUI).

Bitwise has been active in the spot ETF track. Previously, the company has obtained approval for spot Bitcoin (BTC) and Ethereum (ETH) ETFs, which are currently traded on the New York Stock Exchange Arca and have attracted more than $2.35 billion in net inflows since their launch in 2024. In addition, Bitwise has also applied for ETF products related to DOGE, SOL and XRP.

NEAR: A high-performance public chain once called the "Ethereum killer"

NEAR Protocol is a high-performance first-layer blockchain network. Its native token NEAR currently has a market value of US$2.73 billion and ranks 44th in CoinGecko's cryptocurrency market value ranking. NEAR's biggest technical highlight is its Nightshade sharding technology. According to Nearblocks.io data, the network can theoretically process up to 100,000 transactions per second and maintain network security through 265 active verification nodes.

On the technical level, NEAR attempts to solve the "trilemma" of blockchain - how to balance network security, scalability and decentralization, so it was once called the "Ethereum killer".

It is worth noting that the NEAR ecosystem has transformed in 2024, from the initial focus on decentralized finance (DeFi) to building artificial intelligence (AI) infrastructure, proposing to create the world's largest open source large language model. This strategic shift has given its ecology a longer-term development potential and provided a new narrative logic for its ETF support.

Outlook: NEAR ETF is expected to increase market attention

If Bitwise successfully promotes the approval of NEAR ETF, it will be expected to further enhance the institutional accessibility and market attention of NEAR. For investors, this will provide a convenient channel to indirectly hold NEAR within a regulated framework. At the same time, this move also indicates that the mainstream financial market in the United States is gradually accelerating its acceptance of a wider range of crypto assets.

However, the SEC's attitude towards altcoin spot ETFs is still relatively cautious. Whether NEAR ETF can be successfully approved still needs to pay attention to the specific feedback from future regulatory authorities and the evolution of the overall crypto market environment.