Bitwise Asset Management has filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) for a spot NEAR ETF. This filing, submitted on May 6th, aims to provide direct exposure to the NEAR token without using derivatives.

The proposed ETF will track the CF NEAR-Dollar benchmark, with Coinbase Custody serving as custodian for the underlying NEAR tokens. This marks an expansion of Bitwise's crypto ETF portfolio, reflecting increasing investor demand for altcoin exposure. The fund intends to hold actual NEAR tokens, eschewing futures or other derivatives. NEAR is the native token of the Near Protocol, a layer-1 blockchain known for its scalability and energy-efficient proof-of-stake consensus mechanism.

Key features of the Bitwise NEAR ETF include:

• Benchmark: The CF NEAR-Dollar Settlement Price benchmark, calculated by CF Benchmarks.
• Custodian: Coinbase Custody Trust Company.
• Structure: A Delaware statutory trust, with shares representing fractional ownership of NEAR tokens. Bitwise registered this trust on April 28th.
• Trading Strategy: A passive strategy; no derivatives or active trading will be employed. Share creation and redemption will be handled in cash by authorized financial institutions only.

While the filing is complete, Bitwise must still submit a 19b-4 form to formally initiate the SEC's review process. The ETF's ticker symbol and target exchange have yet to be announced.

This NEAR ETF application joins numerous other altcoin ETF proposals submitted in 2025, including those for Solana, Cardano, Chainlink, Dogecoin, Hedera, and Avalanche, all currently awaiting regulatory review.

Bitwise's existing ETF offerings include spot ETFs for Dogecoin and Solana, as well as spot Bitcoin and Ethereum ETFs listed on NYSE Arca. These funds have collectively attracted over $2.3 billion in inflows since their launch. The recent surge in ETF filings follows a period of regulatory uncertainty, with the SEC delaying decisions on several applications, including Bitwise's own Bitcoin-Ethereum fund and Canary Capital's Hedera ETF, until June.

Despite the recent change in SEC leadership, with Paul Atkins replacing Gary Gensler, the agency has yet to approve any major new crypto ETFs in 2025. The industry closely monitors developments for any shifts in regulatory direction.

Tags: Altcoin, Bitwise, Coinbase Custody, Crypto Market, Crypto Adoption, Cryptocurrency, NEAR ETF