Bitwise Asset Management has filed for SEC approval to launch a spot NEAR ETF, tracking the NEAR token's price performance minus expenses. If approved, this would allow traditional investors exposure to NEAR through a regulated brokerage platform. Coinbase Custody is named as the proposed custodian. The management fee, ticker, and listing exchange have yet to be announced. Bitwise must also submit a 19b-4 filing to formally begin the SEC's review process, following the registration of a related trust in Delaware.
The move comes as the SEC faces a growing backlog of spot crypto ETF applications for coins like LTC, DOGE, SOL, XRP, ADA, HBAR, DOT, LINK, AVAX, APT, and SUI. Bitwise has previously filed spot ETF applications for DOGE, SOL, and XRP, and already offers spot Bitcoin (BTC) and Ether (ETH) ETFs, which have attracted $2.35 billion in net inflows.
NEAR, the 44th largest crypto by market cap at $2.73 billion, underpins the Near blockchain - noted for its scalability and security features, recently shifting its ecosystem focus toward AI infrastructure. Proponents see the ETF as further legitimizing NEAR's position in the altcoin landscape.