In a strategic move that underscores the increasing allure of blockchain technology, Bitwise has taken a significant step forward by filing for a spot Near (NEAR) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission. Dated May 6, 2025, the registration aims to track the price movements of the NEAR token, minus expenses, through a traditional brokerage. This filing adds NEAR to an ever-expanding roster of alternative cryptocurrencies vying for regulatory approval.
The Race for SEC Approval
Bitwise’s application is part of a broader trend that’s captivating the market. According to their registration statement, the NEAR ETF will utilize Coinbase Custody as its proposed custodian. While crucial details like the management fee, ticker, and the stock exchange for listing remain undisclosed, the move is significant in the context of Bitwise’s larger strategy. This follows a pattern of institutional adoption, which we detailed in Nasdaq’s pursuit of SEC approval for the 21Shares Dogecoin ETF.
The asset manager isn’t new to this game. With a history of launching approved Bitcoin and Ether ETFs that have attracted $2.35 billion in net inflows, Bitwise is no stranger to navigating the regulatory waters. Yet, the NEAR ETF application, alongside existing applications for Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), and others, highlights an intensifying competition among cryptocurrencies to secure a coveted spot on the SEC’s approval list. For a deeper dive into the regulatory implications, see our coverage of Litecoin’s recent surge amid SEC approval odds.
NEAR: A Token with Potential
The NEAR token is no ordinary asset. Powering the layer-1 Near blockchain, it’s the 44th largest cryptocurrency by market capitalization, standing at $2.73 billion according to CoinGecko. Originally hailed as an “Ethereum killer,” Near has been recognized by its advocates as a potential solution to the “blockchain trilemma”—the challenge of achieving security, scalability, and decentralization simultaneously.
Through its innovative Nightshade sharding technology, Near boasts the ability to process up to 100,000 transactions per second, a feature that is safeguarded by 265 active validators. This technological prowess has shifted the Near ecosystem’s focus from decentralized finance to artificial intelligence infrastructure since 2024, marking its ambition to construct the world’s largest open-source large language model.
What’s Next for Bitwise and NEAR?
The filing is only the beginning of what could be a lengthy process. Bitwise must now submit a 19b-4 filing to ignite the SEC’s formal review process—a step that could pave the way for the NEAR ETF’s debut on a U.S. stock exchange. However, given the SEC’s historically cautious approach to cryptocurrency ETFs, the outcome is far from certain.
As Bitwise awaits regulatory feedback, the broader crypto market watches closely. With the SEC currently reviewing at least a dozen spot crypto ETFs, including those for Solana and Cardano, the stakes are high. The decision could set a precedent for future ETF applications and shape the landscape of crypto investment opportunities.
The implications of a successful NEAR ETF are tantalizing. Should Bitwise secure the necessary approval, it could provide institutional investors with a new avenue for exposure to the burgeoning Near blockchain, potentially driving further innovation and adoption within the crypto space.
For now, the market remains in a state of anticipation. Will Bitwise’s calculated gamble pay off? Only time will tell, but one thing is clear: the race to secure SEC approval is heating up, and the outcome could significantly impact the crypto investment scene in 2025 and beyond.
Source
This article is based on: Bitwise throws spot NEAR ETF in race for SEC approval
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
