Bitwise Files for Spot NEAR ETF with SEC
Key Points:Bitwise filed for a spot NEAR ETF with the SEC.Coinbase Custody will serve as the ETF’s custodian.Market anticipation is muted amid broader altcoin trends. Bitwise Asset Management has filed for a spot NEAR ETF with the SEC, naming Coinbase Custody as its custodian. The application was made public on May 6, 2025. The ETF’s potential approval could foster institutional investment in NEAR, contributing to further market legitimacy. Main Content Bitwise Asset Management has submitted a filing to the U.S. Securities and Exchange Commission to launch a spot NEAR ETF. This financial product is intended to track the price movements of the NEAR token via traditional brokerage platforms, ensuring net of fees. If the ETF is approved, it may steer institutional investments into the NEAR Protocol. This would extend accessibility to mainstream investors, potentially bolstering market confidence and liquidity for the token. As of now, details about the ETF’s ticker symbol and exchange listing remain undisclosed. “The filing is a significant step toward bringing NEAR into the realm of institutional investment.” — Hunter Horsley, CEO, Bitwise Asset ManagementThe filing’s announcement saw NEAR’s token price reflecting stability amid a broader downturn in the altcoin market. Despite the announcement, NEAR leadership and Bitwise executives have not made public comments, reflecting the market’s cautious optimism. NEAR Price Analysis Amid ETF Filing Did you know? Regulatory approvals for cryptocurrency ETFs could significantly increase institutional investment in altcoins. According to CoinMarketCap, NEAR is currently priced at $2.34 with a market cap of $2.83 billion. It holds a market dominance of 0.09%. Over the past 24 hours, trading volume reached $172.38 million, reflecting a 60.31% increase. Notably, NEAR has experienced a 13.19% rise over the last 30 days, despite a 29.67% decline over 90 days. NEAR Protocol(NEAR), daily chart, screenshot on CoinMarketCap at 08:50 UTC on May 7, 2025. Source: CoinMarketCapThe Coincu research team suggests regulatory approvals for such ETFs could mainstream cryptocurrency exposure for institutional investors. This would enhance the trustworthiness of altcoins within investment portfolios, aligning with the precedent set by similar Bitcoin and Ethereum products.