Bitwise Asset Management has recently filed for a spot Near ETF with the United States Securities and Exchange Commission, as reported in a May 6 Form S-1 filing. The proposed Bitwise NEAR ETF is designed to provide investors with direct exposure to the price of the NEAR token by holding actual NEAR tokens in custody.
NEAR is the native token of the Near Protocol, a layer-1 blockchain that was launched in 2020. The Near Protocol is known for its high throughput and energy-efficient proof-of-stake consensus mechanism, which aims to address the blockchain trilemma of scalability, security, and decentralization through innovative techniques like Nightshade sharding.
The Bitwise NEAR ETF will track the CF NEAR-Dollar Settlement Price benchmark, calculated by CF Benchmarks, and will utilize Coinbase Custody Trust Company as its custodian. The ETF is structured as a Delaware statutory trust and will issue shares that represent fractional ownership of the NEAR tokens it holds. Bitwise registered a Delaware statutory trust linked to the NEAR ETF on April 28.
Unlike some other ETFs, Bitwise’s NEAR ETF will not use derivatives or active trading strategies. The creation and redemption of shares will be handled in cash, with authorized financial participants conducting redemptions and purchases.
In order for the ETF to progress, Bitwise must also submit a 19b-4 form to formally initiate the SEC’s review process. The filing does not currently include details such as the ETF’s ticker symbol or the exchange it aims to list on.
Following the news of the filing, the price of NEAR rallied approximately 5.7%. However, at the time of writing, it had retraced some of those gains and was down 1.6% at $2.29.
Bitwise’s NEAR ETF is just one of many altcoin-based ETF applications that have been submitted in 2025. Other pending filings include ETFs for popular cryptocurrencies like Solana (SOL), Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), Hedera (HBAR), and Avalanche (AVAX).
Bitwise itself has previously filed for DOGE and SOL ETFs and currently manages spot Bitcoin and Ether ETFs listed on NYSE Arca, which have collectively attracted over $2.3 billion in inflows since their launch.
The surge in new ETF applications comes amidst ongoing delays by the SEC in making decisions on several proposed ETFs. Recently, the Commission extended review deadlines for Bitwise’s Bitcoin and Ethereum ETFs, as well as Canary Capital’s Hedera ETF, pushing decisions to June.
Additionally, Grayscale’s application to convert its Polkadot trust to an ETF and Canary’s Litecoin ETF filing have also been delayed by the SEC. The commission expressed a desire to further examine the potential concerns raised by the Litecoin ETF filing.
In a related development, Paul Atkins, who is known for his crypto-friendly stance, has replaced Gary Gensler as the SEC chair. This change has raised hopes for a more positive outlook towards digital asset products, although major approvals are yet to be issued under Atkins’ tenure.