Bitwise Files Spot NEAR ETF as SEC Reviews Altcoin Applications

On May 6, 2025, Bitwise Asset Management submitted an S-1 registration form to the U.S. Securities and Exchange Commission (SEC) for a spot NEAR ETF. This marks another move by the firm to expand its portfolio of crypto exchange-traded funds. The proposed ETF aims to track the price of the NEAR token, excluding management expenses. According to the filing, Coinbase Custody Trust Company will serve as the custodian for the Bitwise NEAR ETF. The filing did not disclose the ETF’s ticker, management fee, or the specific stock exchange where it intends to list. Before the fund can launch, Bitwise must also submit a 19b-4 form, which begins the SEC’s formal review process. Bitwise indicated plans to file it soon. On April 28, the company registered a statutory trust in Delaware to support the ETF structure. Spot NEAR ETF Joins Over a Dozen Pending Crypto ETF Applications The Bitwise NEAR ETF joins a list of pending spot crypto ETFs under SEC review in 2025. Other filings include proposals for Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), XRP, Cardano (ADA), Hedera (HBAR), Polkadot (DOT), Chainlink (LINK), Avalanche (AVAX), Aptos (APT), and Sui (SUI). These ETFs are waiting for regulatory decisions as crypto firms seek greater market access through traditional financial channels. Bitwise has already filed for spot ETFs tied to DOGE, SOL, and XRP. The firm also manages approved spot ETFs for Bitcoin (BTC) and Ethereum (ETH). Both are listed on NYSE Arca and have attracted $2.35 billion in net inflows since their launch. The SEC’s review timeline and the outcome for these ETFs remain undisclosed. NEAR Blockchain Focuses on Scalability and AI Use Cases Moreover, NEAR is the native token of the Near blockchain, a layer-1 protocol with a current market capitalization of $2.73 billion, based on CoinGecko data. It ranks as the 44th largest cryptocurrency by market cap. Originally built to address the blockchain trilemma—balancing security, scalability, and decentralization—the Near blockchain uses a consensus method known as Nightshade sharding. According to Nearblocks.io, the network supports up to 100,000 transactions per second and operates with 265 active validators. In 2024, the Near ecosystem pivoted from decentralized finance to artificial intelligence infrastructure. It announced plans to build what it calls the world’s largest open-source large language model. This shift aligns with broader trends in the blockchain industry, where platforms increasingly integrate AI development into their core use cases.