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Bitwise Files Spot NEAR ETF Application as Altcoin Fund Race Heats Up
By: cryptosheadlines|2025/05/07 20:15:02
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Bitwise files for a NEAR ETF to offer direct exposure to the NEAR token without derivatives.The NEAR ETF will track the CF NEAR-Dollar benchmark with Coinbase Custody as custodian.Bitwise expands its crypto ETF portfolio following growing demand for altcoin exposure.Bitwise Asset Management has officially filed for a spot NEAR ETF with the U.S. Securities and Exchange Commission. The move came through a Form S-1 filing submitted on May 6. The proposed exchange-traded fund aims to offer direct price exposure to the NEAR token. Bitwise Files for Spot NEAR ETF, Joining Altcoin ETF RaceSEC Filing: Bitwise submitted an S-1 registration on May 6 for a spot NEAR ETF, aiming to track the token’s price movements.Custodian & Details: Coinbase Custody will hold NEAR assets. Management fee, ticker, and...— Bitcoin Weirdo (@Bitcoin_Weirdo) May 7, 2025The fund plans to hold actual NEAR tokens in custody, instead of using futures or derivatives. NEAR is the native token of Near Protocol, a layer-1 blockchain launched in 2020. The blockchain is known for its scalable and energy-efficient proof-of-stake mechanism.ETF to Track NEAR-Dollar BenchmarkBitwise’s NEAR ETF will follow the CF NEAR-Dollar Settlement Price benchmark. CF Benchmarks, a regulated index provider, calculates the benchmark. Coinbase Custody Trust Company will serve as the custodian for the NEAR tokens held by the fund.The ETF is structured as a Delaware statutory trust. Shares issued by the fund will represent fractional ownership of the NEAR tokens. Bitwise had registered this trust in Delaware on April 28, marking a preparatory step.Bitwise will not employ derivatives or any active trading strategy in this fund. It will handle all creation and redemption of shares in cash. Only authorized financial institutions will carry out these transactions.Regulatory Review Yet to BeginTo advance the ETF application, Bitwise must still file a 19b-4 form. This document formally starts the SEC’s review process. The current filing does not specify the ETF’s ticker symbol or its target exchange.The NEAR ETF joins a rising wave of altcoin-based ETF proposals submitted in 2025. Other applications cover assets like Solana, Cardano, Chainlink, Dogecoin, Hedera, and Avalanche. All are awaiting regulatory review.Bitwise Expands Digital Asset ETF OfferingsBitwise has already filed for spot ETFs tied to Dogecoin and Solana. It also manages spot Bitcoin and Ethereum ETFs listed on NYSE Arca. These funds have collectively seen over $2.3 billion in inflows since their launch.The surge in filings follows a period of regulatory uncertainty. The SEC recently delayed decisions on several other ETF applications. This includes Bitwise’s own Bitcoin-Ethereum fund and Canary Capital’s Hedera ETF. Decisions have now been pushed to June.Paul Atkins, known for a crypto-friendly stance, replaced Gary Gensler as SEC chair. Despite the leadership change, the agency has yet to approve any major new crypto ETFs in 2025. Industry observers continue to monitor for shifts in regulatory direction.Source link
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