Another Day, Another Crypto ETF Filing: This Time, It's Near Protocol's Turn

Crypto asset manager Bitwise has begun the process of getting an exchange-traded fund (ETF) to provide investors with exposure to Near Protocol, according to a filing on Thursday.

The paperwork for the fund was filed with the State of Delaware, marking the first stage in getting the product approved. Bitwise will still need to file an application with the Securities and Exchange Commission to officially kickstart the process.

Near Protocol is a blockchain that developers can use to build crypto-powered apps, particularly with a focus on AI applications. It aims to compete with the likes of Ethereum and Solana, and its native coin, NEAR, is the 41st-biggest virtual currency by market cap.

Bitwise did not immediately respond to Decrypt’s request for comment. NEAR is up over 3% on the day to a current price of $2.61, according to CoinGecko.

The filing is the latest in a long list of applications from asset managers hoping to get the green light for new crypto products, following the success of the Bitcoin and Ethereum ETFs approved last year.

A new, crypto-friendly SEC administration under Republican President Donald Trump—who took office in January—has fund managers feeling more optimistic about getting such products approved. As a result, the likes of Grayscale and Bitwise are also trying to get Solana, XRP, and Dogecoin ETFs approved. Smaller asset managers are even attempting to launch Pudgy Penguins, TRUMP, and BONK investment vehicles.