Bitwise Seeks Approval for NEAR Protocol ETF, Joining Growing Crypto Fund Wave
Catenaa, Friday, May 02, 2025-Bitwise Asset Management has filed paperwork in Delaware to launch a new exchange-traded fund (ETF) centered around Near Protocol (NEAR). This filing, submitted Thursday, marks the first step in securing approval for the crypto fund, with additional filings required with the Securities and Exchange Commission (SEC) to advance the process. Near Protocol, ranked as the 41st-largest cryptocurrency by market capitalization, is a blockchain platform focused on decentralized applications (dApps), particularly those in the artificial intelligence space. NEAR aims to compete with major platforms like Ethereum and Solana, offering a unique approach to scalability and developer accessibility. The filing comes as the cryptocurrency industry sees increased interest in altcoin ETFs following the success of Bitcoin and Ethereum-based funds. The NEAR ETF proposal is part of a broader trend where multiple asset managers, including Grayscale and Bitwise, are seeking approval for new crypto-based investment products. Other filings include potential ETFs for Solana, XRP, and Dogecoin, reflecting optimism within the industry, particularly with the SEC’s more crypto-friendly stance under the leadership of President Donald Trump’s administration. NEAR’s price has risen more than 3% in the past day, trading at $2.61, as investors react to the growing interest in the token.