Bitwise files for NEAR ETF as SEC reviews over dozen crypto funds

Bitwise Asset Management has filed an S-1 registration with the U.S. Securities and Exchange Commission to launch a spot NEAR exchange-traded fund, marking the first official attempt to bring a NEAR ETF to market.

The proposed Bitwise NEAR ETF would track the price of the NEAR (CRYPTO:NEAR) token, offering investors exposure through traditional brokerage accounts without requiring them to hold the digital asset directly.

Coinbase Custody is named as the proposed custodian for the fund, though details such as management fees, ticker, and the target stock exchange were not disclosed in the initial filing.

Bitwise is expected to follow up with a 19b-4 filing, a necessary step to initiate the SEC’s approval process.

The filing comes as the SEC faces a growing list of applications for spot crypto ETFs, with at least a dozen altcoin funds under review in 2025, including those for Solana (CRYPTO:SOL), XRP (CRYPTO:XRP), Dogecoin (CRYPTO:DOGE), and others.

Bitwise already manages approved spot Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) ETFs, which have collectively attracted $2.35 billion in net inflows since their launch last year.

NEAR, the native token of the Near blockchain, is currently the 44th largest cryptocurrency by market capitalisation, valued at $2.73 billion.

The Near blockchain is recognised for its Nightshade sharding technology, which allows it to process up to 100,000 transactions per second and is maintained by 265 active validators.

Bitwise’s move reflects growing institutional interest in altcoin-based ETFs and the broader trend toward regulated crypto investment products.

“The outlook is better than it was four weeks ago and dramatically better than it was four months ago,” according to Bitwise CIO Matt Hougan, signaling optimism about the SEC’s evolving stance on crypto ETFs.

At the time of reporting, the NEAR Protocol (NEAR) price was $2.30.