NEAR Hits Wall Street: Bitwise Files First Spot NEAR ETF With the SEC

🚀 Bitwise Takes NEAR to the Big Leagues

In a bold move to shake up the ETF landscape, Bitwise Asset Management has filed the first-ever spot NEAR ETF application with the SEC. If approved, this will mark a historic moment — NEAR joins the ranks of Bitcoin and Ethereum as altcoins break into the realm of regulated investment products.

Filed on May 6, the ETF would offer investors direct exposure to NEAR, minus the headaches of self-custody, wallets, and on-chain drama.

🧾 What's in the Application?

Here’s the lowdown:

• Tracking Mechanism: The ETF will mirror NEAR’s price via the CF NEAR-Dollar Settlement Price.
• Custodian: Coinbase Custody will hold the tokens, so your grandma’s broker isn’t touching hot wallets.
• Structure: Shares will be redeemable via “Basket” transactions — standard ETF stuff, just with a spicy altcoin twist.
• No Staking: This fund won’t offer staking rewards. It’s exposure, not passive yield.

The ETF’s ticker, exchange, and fees are still TBD — but the big story is that NEAR is officially gunning for Wall Street legitimacy.

🧠 Why This Matters for Altcoins

Until now, Bitcoin and Ethereum dominated the ETF narrative. But 2025 is the year altcoins demand their spotlight.

Bitwise’s move reflects:

• Growing institutional appetite for diversified crypto exposure
• Pressure on the SEC to expand ETF approvals beyond BTC and ETH
• NEAR’s evolution from underdog chain to institutional-grade asset

With BlackRock, Grayscale, and VanEck all eyeing altcoin ETFs, this isn’t a one-off — it’s a trend.

🛠️ Meet NEAR: The Tech Behind the Ticker

Built for speed, scalability, and developer-friendliness, NEAR is a Layer-1 protocol that runs on Proof-of-Stake and supports everything from DeFi to NFTs.

• Launched: 2020
• Use cases: P2P transfers, app dev, staking, and governance
• USP: Serverless infrastructure and low fees with high throughput

Its native token, NEAR, powers transactions, secures the network, and lets users vote on governance proposals. And now? It could power your brokerage account too.

🧱 The Trust Setup

Bitwise NEAR ETF Trust will:

• Issue shares pegged to the price of NEAR
• Store assets securely via segregated Coinbase Custody accounts
• Avoid any staking programs or airdrop participation
• Rely on transparent pricing data across top NEAR trading venues

Yes, there are risks — like key loss, network bugs, or low adoption. But this structure is about bringing crypto to traditional finance without the chaos.

📉 The ETF Arms Race Is On

Following the 2024 green light on Bitcoin ETFs and Ethereum’s likely approval this year, altcoins are next in line. NEAR joins the queue alongside Solana, XRP, and Cardano.

SEC chair Gary Gensler is feeling the heat.

Every new filing increases pressure on regulators to clarify their stance. If Bitwise scores approval, it opens floodgates for altcoins to gain legitimacy through trusted financial rails.

🧠 TL;DR

• Bitwise just filed the first spot NEAR ETF with the SEC
• It offers regulated exposure to NEAR — no wallets, no keys, no chaos
• Coinbase will custody the assets
• NEAR becomes the latest altcoin aiming to join the ETF club
• The crypto ETF wave is moving fast — and NEAR wants in

Wall Street wants altcoins. Bitwise wants NEAR. And the SEC has a decision to make.