Bitwise Aims for NEAR ETF Approval With Official SEC Filing

Bitwise has formally filed an S-1 with the SEC aiming to launch a NEAR ETF.Despite leadership changes at the SEC, crypto ETF approvals remain slow, delaying Bitwise’s and others’ applications.Bitwise Asset Management has formally submitted to the U.S. Securities and Exchange Commission (SEC) a Form S-1 filing registration, marking a critical milestone to debut the Bitwise NEAR exchange-traded fund (ETF). This filing is the next formal process after the company’s registration of its trust entity for the Bitwise NEAR ETF in Delaware on April 24, 2025.The proposed ETF is intended to track the performance of NEAR, the native token of the NEAR Protocol, which is a blockchain network focused on scalability and decentralized app development. In its S-1 filing, Bitwise revealed:The Trust’s investment objective is to seek to provide exposure to the value of NEAR held by the Trust, less the expenses of the Trust’s operations and other liabilities.Coinbase Custody Trust Company, LLC, has been named as the custodian to the ETF. The company will manage the safe custody of the NEAR digital assets, manage the Trust’s account for NEAR, and execute any necessary transactions for NEAR. Information about which particular stock exchange the ETF will trade and under what symbol was not revealed in the filing.Bitwise Pushes Forward Amid SEC DelaysThe news of the filing itself did not have any notable market action for the token of NEAR. In the last 24 hours, the token appreciated by 2%, taking its current value to the level of $2.32. As of the filing, NEAR is ranked 33rd among the cryptocurrencies, with a market capitalization totaling $2.8 billion.The NEAR ETF is part of a growing portfolio of altcoin-linked funds from Bitwise, which already has ETFs tracking Bitcoin (BTC) and Ethereum (ETH). The firm has even applied for ETFs linked to Dogecoin (DOGE), Solana (SOL), XRP (XRP), and Aptos (APT). This move is indicative of Bitwise’s ongoing commitment to getting Wall Street exposure to alternative blockchain networks beyond the industry’s top two cryptocurrencies.“Bitwise is betting big on altcoin legitimacy. Wall Street exposure to L1s is getting real,” said an analyst.SEC Caution Continues Despite Leadership ChangeAs Bitwise pushes its ETF initiatives, the SEC’s hesitancy about crypto ETFs is still an obstacle. In the last few months, the Commission has gone slow on approving various crypto ETF applications, including XRP’s and DOGE’s, extending review deadlines to mid-June 2025. Bitwise’s Bitcoin and Ethereum ETF applications have been similarly delayed, joined by applications from other entities such as Grayscale and Canary.The SEC’s reluctance is not limited to Bitwise’s filings. Rulings have similarly been delayed on Grayscale’s bid to switch its Polkadot trust to an ETF as well as on Canary’s proposal for a Litecoin ETF. In particular, the agency has asked for clarification as to whether Canary’s product represents any fresh or novel issues not theretofore considered by the Commission.After Paul Atkins was named SEC chairman following Gary Gensler’s term, there was renewed optimism about a crypto-friendly regulatory environment. However, even with the shift in leadership, the authority has yet to approve any major cryptocurrency ETFs following approvals of spot Bitcoin ETFs in January 2024 and Ethereum ETFs in July 2024.