Bitwise Asset Management has taken a bold step by submitting an application to the US SEC for a spot NEAR exchange-traded fund, marking a major milestone for the altcoin market.
The filing, announced on May 6, positions NEAR, a layer-1 blockchain known for its scalability, among a wave of cryptocurrencies seeking ETF approval. This move signals growing investor appetite for diversified crypto exposure through regulated financial products.
The approval of Bitcoin ETFs in 2024 sparked a surge in institutional interest, with Ethereum ETFs following suit. Now, altcoins like NEAR are vying for a slice of the regulated market, promising diversified portfolios for risk-tolerant investors.
This filing comes as the SEC faces mounting pressure to approve crypto ETFs beyond Bitcoin and Ethereum. Currently, several asset managers, including BlackRock and Grayscale, are awaiting decisions on spot ETFs for tokens like Solana, XRP and Cardano.
The fund’s structure allows for creation and redemption processes. This ensures liquidity for investors. By offering a regulated vehicle, Bitwise aims to bridge the gap between traditional finance and the evolving crypto ecosystem. It makes NEAR more approachable for those hesitant about direct blockchain investments.
Bitwise’s ETF will derive its net asset value from the CF NEAR-Dollar Settlement Price, providing a transparent benchmark for performance.