NEAR Price Jumps Over 2% As Bitwise Files for Spot ETF With US SEC

NEAR Protocol has joined the list of altcoins with a spot ETF application from Bitwise, a move that has fueled its price growth

Bitwise Asset Management has filed the first spot NEAR Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC). This move puts NEAR amongst altcoins, including Solana (SOL), XRP, and Dogecoin (DOGE), for which asset managers seek approval to list and trade as ETFs.

Bitwise NEAR ETF: From Delaware to SEC Desk

According to the S-1 form submitted to the securities agency, the proposed NEAR ETF will track the performance of NEAR Protocol. It will also expose institutional investors directly to NEAR, the 33rd biggest cryptocurrency by market cap per CoinMarketCap data. This would eliminate the expenses and perceived risks linked with crypto through a traditional brokerage. 

Before registering its interest with the SEC, Bitwise filed some paperwork for the fund in April. 

While it awaits the Commission’s decision, Bitwise has named Coinbase Custody the proposed custodian of the Bitwise NEAR ETF. The filing did not mention details like the management fee, ticker, and stock exchange it seeks to list.

The news of the filing has pushed NEAR towards a price gain as the token records some profit. At this writing, it traded at $2.33, gaining 2.04% within the last 24 hours.

Bitwise Consecutively Reaches Multiple Spot Crypto ETFs 

Bitwise has had many ‘firsts’ in the last eight months regarding altcoin ETFs. In October last year, the asset management firm registered for an XRP ETF in Delaware, and within 24 hours, it filed an application with the U.S. SEC. By submitting its Form S-1 registration statement to the SEC, Bitwise became the first asset manager to file for an XRP ETF globally. 

Two months ago, it filed a 19b-4 form with the U.S. SEC to start a Dogecoin ETF. This filing was also made with NYSE Arca, part of the New York Stock Exchange—Bitwise plans to track Dogecoin’s price changes using the CF Dogecoin-Dollar Settlement Price as a benchmark. Not too long after, the firm submitted its application to list a spot Aptos (APT) ETF.

At the time, the APT ETF filing triggered a price push for the altcoin. It moved higher by about 7% within 24 hours of the announcement.

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