Bitwise Proposes NEAR Spot ETF
Bitwise, a digital asset management firm, has initiated the process for launching a spot exchange-traded fund (ETF) focused on the NEAR cryptocurrency by submitting a proposal to the United States Securities and Exchange Commission (SEC). This filing adds to the expanding roster of alternative cryptocurrencies seeking the regulatory green light.
Details of the Proposal
According to their May 6 filing, the Bitwise NEAR ETF aims to mirror the performance of the NEAR token, excluding any associated expenses, through traditional brokerage channels. As part of the ETF structure, Coinbase Custody has been designated as the proposed custodian.
However, the management fees, specific ticker symbols, and the stock exchange intended for listing have not been disclosed at this stage. For the SEC to begin its approval process, Bitwise will need to complete an additional 19b-4 filing. The company hinted at this next step following its registration of a NEAR-linked trust in Delaware on April 28.
Market Context
The SEC is currently evaluating a substantial number of spot cryptocurrency ETF applications, with over a dozen submissions ahead of it, including notable tokens like Litecoin, Dogecoin, Solana, and XRP. Bitwise is also behind the applications for ETFs based on Dogecoin, Solana, and XRP, in addition to having already received approval for their spot Bitcoin and Ethereum ETFs, which together have secured approximately $2.35 billion in net inflows since their initiation last year.
NEAR Cryptocurrency Overview
With a market capitalization of $2.73 billion, NEAR stands as the 44th largest cryptocurrency, according to CoinGecko. The NEAR token operates on the Near blockchain, which has drawn attention as a contender to Ethereum by addressing the so-called “blockchain trilemma” — the balance of security, scalability, and decentralization.
The Near ecosystem, known for its advanced Nightshade sharding technology that allows processing of up to 100,000 transactions per second, is maintained by 265 active validators as reported by Nearblocks.io. In 2024, the Near blockchain transitioned its focus from decentralized finance to AI initiatives, announcing ambitions to develop a large-scale open-source language model, thereby expanding its technological footprint further.
