Bitwise Adds NEAR to Its ETF Roster With New SEC Filing

On May 6, 2025, Bitwise submitted a Form S-1 to the U.S. Securities and Exchange Commission, initiating the registration process for a spot ETF that would track the performance of the NEAR cryptocurrency.

The ETF is structured to deliver regulated exposure to NEAR through conventional brokerage platforms, enabling investors to participate in the asset class without the complexities of direct token ownership or wallet management.

NEAR serves as the native token of the NEAR blockchain — a Layer 1 protocol engineered for performance at scale and interoperability with AI-native platforms. As of the application date, NEAR’s valuation surpassed $2.8 billion, securing its place among the most prominent altcoins by capitalization.

Сheck this out: An Interview with Illia Polosukhin of Near Protocol

Bitwise NEAR ETF: What’s Inside the Filing?

Filed via the standard S-1 registration method, the proposed ETF adopts the same trust-based architecture as Bitwise’s existing spot crypto offerings. The fund will issue equity shares tied to the market value of the NEAR tokens it securely holds, offering indirect exposure through regulated financial instruments.

Coinbase Custody, a top-tier custodial service in the crypto asset space, has been selected to safeguard the NEAR holdings backing the ETF.

At this stage, core specifications — including the management fee, trading ticker, and listing venue — remain undisclosed.

Related: VanEck Kicks Off U.S. Spot BNB ETF Race with First Filing

Bitwise plans to peg the ETF to the NEAR-Dollar Settlement Price — an index curated by CF Benchmarks, drawing from high-volume crypto exchanges to reflect a reliable market rate.

Still, the road to approval isn’t fully open. A 19b-4 filing must follow to begin the SEC’s review process. For now, the application sits at the pre-approval stage.

Bitwise has established itself as a key player in regulated crypto investing, with ETFs already approved for Bitcoin and Ethereum. It’s also actively advancing products linked to altcoins such as Dogecoin, Solana, and XRP.

The NEAR ETF would further broaden Bitwise’s lineup — extending its reach across multiple blockchains and offering traditional investors a wider set of entry points into the digital asset space.

Why NEAR Matters in the Altcoin ETF Movement

NEAR is more than just another digital asset on a long list of altcoins.

As a leading Layer 1 protocol, it blends:

• scalability — delivering up to 100,000 transactions per second through its Nightshade sharding,
• with decentralized architecture, 
• and a vibrant community of validators.

Currently ranked 36th with a $2.8 billion valuation, NEAR stands among the more advanced and infrastructure-critical blockchain networks gaining attention in ETF circles.

NEAR took a new direction in 2024, moving away from DeFi and turning its energy toward building real infrastructure for AI.

Here’s what that shift looks like in action:

• Rolling out the world’s biggest open-source LLM,
• Letting AI agents plug directly into onchain logic,
• Building new tools that connect the dots between Web3 and artificial intelligence.

The ETF filing for NEAR could play a pivotal role in its institutional trajectory. For those wary of direct crypto custody or exchange trading, the fund offers a compliant, familiar entry point.

It doesn’t just simplify access — it links a traditionally brokered investment environment to a blockchain-native asset that, until now, lived solely within the crypto domain.

A green light for the NEAR fund would echo beyond the token itself — it could be interpreted as a broader shift in regulatory posture, hinting that the SEC may be warming to the idea of spot ETFs for altcoins beyond Bitcoin and Ethereum.

In the wings, awaiting similar decisions, are:

• Litecoin
• Cardano, 
• Chainlink, 
• Avalanche,
• and others yet unnamed.