- Bitwise registers a Bitwise NEAR ETF in Delaware, fueling optimism for a future SEC filing.
- NEAR Protocol’s price rises over 6% after Bitwise’s Delaware ETF registration confirmation.
- Bitwise expands its crypto ETF lineup as the SEC reviews dozens of new digital asset proposals.
Bitwise Asset Management has registered the “Bitwise NEAR ETF” in Delaware, signaling an early move toward offering a spot Near Protocol (NEAR) ETF in the United States. According to Delaware’s Division of Corporations, Bitwise filed the trust entity on April 24, marking the first official step before seeking regulatory approval from the U.S. Securities and Exchange Commission (SEC).
Hunter Horsley, CEO and co-founder of Bitwise, confirmed the registration. This filing could pave the way for broader institutional access to the NEAR ecosystem as regulatory conditions for crypto-related ETFs continue to improve under the new U.S. administration.
Bitwise Expands ETF Plans as Regulatory Climate Shifts
Bitwise submitted its application amid increased optimism for the approval of cryptocurrency ETFs. SEC leadership under the present administration has shown more acceptance toward digital assets. The SEC first approved spot Bitcoin ETFs in January 2024, while spot Ethereum ETFs received approval in July 2024 after a court supported Grayscale.
In addition to Bitcoin and Ethereum, asset managers such as Bitwise have pursued ETFs with increased dedication across various crypto assets. The asset manager has also submitted its registration documents to the SEC for Dogecoin, Aptos, Solana, and XRP ETFs. The firm demonstrates its continued interest in diversification through the NEAR filing, amid growing investor interest in altcoins.
Despite this momentum, the SEC delayed multiple ETF proposals, which include the Polkadot ETF from Grayscale and the HBAR ETF from Canary Capital. The extended review time highlights the regulator’s support for blockchain products: however, the agency follows a step-by-step evaluation process.
NEAR Price Responds Positively to ETF News
NEAR Protocol’s native token saw a significant price increase following the announcement of its registration for the ETF. According to CoinMarketCap data, the NEAR token saw a 6.5% price rise, with the current value at $2.60 per token. The NEAR token rose by more than 26% in the past week as investors showed confidence in the planned ETF development.
NEAR currently holds a market capitalization of about $3.14 billion, ranking it among the top 40 digital assets. Often referred to as “the blockchain for AI,” Near Protocol continues to position itself as a leading platform in the evolving blockchain sector.
Moreover, the proposed ETF by the asset manager would enable institutions to obtain direct exposure to the NEAR ecosystem after filing both S-1 and 19b-4 forms with the SEC. The proposed access would create better market participation and increased liquidity for the altcoin.