Bitwise Asset Management has taken a significant step towards launching a new exchange-traded fund (ETF) based on NEAR Protocol’s native token, NEAR. The firm registered a new entity called Bitwise NEAR ETF on April 24, signaling early groundwork for a potential spot NEAR ETF in the United States. The ETF would aim to mirror the performance of the NEAR token, which currently has a market capitalization of roughly $3.14 billion and is ranked as the 34th largest digital asset by market cap.
This move by Bitwise marks the first known attempt to introduce a NEAR-focused ETF to the US market. If successful, it could pave the way for broader institutional exposure to the protocol. Bitwise has previously registered similar Delaware trusts for Dogecoin and Aptos ETFs, indicating potential future applications to the US Securities and Exchange Commission (SEC). The NEAR token’s price has surged more than 6.5% in the last 24 hours, trading at $2.60 after a 7-day gain of over 26%.
Bitwise’s ETF registration comes amid several regulatory delays on other ETF applications. The SEC extended its review period for multiple altcoin ETFs, including proposals for a Polkadot ETF and an HBAR ETF until June 11. The agency also delayed its verdict on Bitwise’s proposed dual Bitcoin and Ethereum ETF until June 10, citing the need for further analysis and public comment review. The ongoing shift in US regulatory sentiment towards digital assets is reflected in the 72 different digital asset-related ETF proposals currently under evaluation.
NEAR Protocol describes itself as the “blockchain for AI,” and the introduction of a NEAR-focused ETF could attract broader institutional interest in the protocol. The ETF would offer investors exposure to NEAR’s performance without the need to directly hold the token. Bitwise’s registration of Bitwise NEAR ETF signals potential opportunities for investors seeking exposure to NEAR’s market performance through a regulated investment vehicle. With the growing interest in digital assets and blockchain technology, the launch of a NEAR ETF could further validate the protocol’s role in the evolving cryptocurrency ecosystem.
As the regulatory landscape for digital assets continues to evolve, the introduction of a NEAR-focused ETF by Bitwise represents a significant step towards mainstream institutional adoption of the protocol. The growing number of digital asset-related ETF proposals under review by the SEC highlights the increasing interest in this emerging asset class among investors. With the potential launch of Bitwise NEAR ETF, investors may soon have a regulated avenue to gain exposure to NEAR’s market performance, paving the way for broader institutional participation in the protocol.
In conclusion, Bitwise’s registration of Bitwise NEAR ETF marks a significant milestone in the potential launch of a NEAR-focused ETF in the US market. The introduction of this ETF could provide investors with a regulated avenue to gain exposure to NEAR’s market performance without directly holding the token. As regulatory sentiment towards digital assets continues to shift, the launch of a NEAR ETF could attract broader institutional interest in the protocol and validate its role in the evolving cryptocurrency ecosystem. With the ongoing regulatory review of digital asset-related ETF proposals, the introduction of Bitwise NEAR ETF could be a key development in the mainstream adoption of NEAR Protocol.
