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Bitwise Asset Management has officially filed for a spot NEAR ETF with the United States Securities and Exchange Commission (SEC), aiming to provide investors with direct exposure to NEAR tokens.

Details of the Proposed Bitwise NEAR ETF

According to a Form S-1 filing dated May 6, the proposed ETF will allow investors to gain direct access to the price movements of the NEAR token by holding the actual tokens in custody. NEAR is the native cryptocurrency of the Near Protocol, a layer-1 blockchain designed to address the blockchain trilemma of scalability, security, and decentralization. This is achieved through innovative solutions like Nightshade sharding.

The ETF will track the CF NEAR-Dollar Settlement Price benchmark, which is calculated by CF Benchmarks. Coinbase Custody Trust Company is set to serve as the fund’s custodian, ensuring secure storage of the NEAR tokens. The ETF is structured as a Delaware statutory trust, and its shares will represent fractional ownership of the NEAR tokens held in custody.

Key Features of the Bitwise NEAR ETF

  • No derivatives or active trading strategies will be used in the fund.
  • Creation and redemption of shares will be conducted in cash, handled by authorized financial participants.
  • The ETF’s custodian will securely store the NEAR tokens.

Bitwise registered the Delaware statutory trust related to the NEAR ETF on April 28. For the product to move forward, Bitwise must also file a 19b-4 form, which will initiate the SEC’s review process. As of now, the filing does not include a ticker symbol or specify the exchange where the ETF plans to list.

Market Reaction and NEAR Price Movement

Following news of the ETF filing, the price of NEAR surged approximately 5.7%. However, the token later retraced some of its gains, trading down 1.6% at $2.29 at the time of reporting.

Altcoin ETFs: Growing Interest in 2025

Bitwise’s NEAR ETF is part of a growing number of altcoin-based ETF applications submitted in 2025. Other filings include ETFs for popular cryptocurrencies such as Solana (SOL), Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), Hedera (HBAR), and Avalanche (AVAX).

Bitwise itself has already filed for DOGE and SOL ETFs. The company also manages spot Bitcoin and Ethereum ETFs listed on NYSE Arca, which have collectively attracted over $2.3 billion in inflows since their launch.

SEC Delays and Regulatory Developments

The surge of new ETF applications comes as the SEC continues to postpone decisions on several proposed crypto ETFs. In recent months, the Commission extended review deadlines for Bitwise’s Bitcoin and Ethereum ETFs, as well as Canary Capital’s Hedera ETF. These decisions are now expected in June.

Additionally, Grayscale’s application to convert its Polkadot Trust into an ETF and Canary’s Litecoin ETF filing have also faced delays. Regarding the Litecoin ETF, the SEC is reportedly examining whether the product raises any “new or novel concerns” that have not been previously addressed.

Leadership Changes at the SEC

In related news, Paul Atkins, a crypto-friendly advocate, recently replaced Gary Gensler as SEC Chair. This change has sparked optimism for a more open regulatory approach toward digital asset products. However, under Atkins’ leadership, the SEC has yet to approve any major cryptocurrency ETFs.

Stay informed about the latest developments in the cryptocurrency and financial sectors to make well-informed investment decisions.

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