Bitwise Asset Management has submitted a request with the U.S. Securities and Exchange Commission (SEC) to approve a spot ETF based on the NEAR cryptocurrency.
Launched in 2020, NEAR is the native token of the Near Protocol, a layer-1 blockchain known for its high throughput and energy-efficient proof-of-stake consensus mechanism. It was developed to address the blockchain trilemma: scalability, security, and decentralization.
According to a Form S-1 filed on May 6, the proposed Bitwise NEAR ETF would give investors direct exposure to the price of the NEAR token by holding actual NEAR tokens in custody.
Bitwise established a Delaware statutory trust for the NEAR ETF on April 28. The ETF will function by issuing shares that represent fractional ownership of the NEAR tokens held by the trust.
To begin the SEC’s formal review process, Bitwise still needs to submit a Form 19b-4. The current filing does not yet include the ETF’s ticker or the exchange it aims to list on.
Bitwise has previously filed for DOGE and SOL ETFs and currently manages spot Bitcoin and Ether ETFs listed on NYSE Arca, which have attracted over $2.3 billion in inflows since their launch.