TLDR
- Bitwise registered a NEAR ETF trust in Delaware.
- This is not yet a formal SEC filing.
- NEAR token rose over 4% after the news.
- Bitwise follows the same strategy used for DOGE and XRP ETFs.
- NEAR gained 25% in two weeks amid rising interest.
Bitwise Asset Management has officially registered “Bitwise NEAR ETF” in Delaware. The filing, recorded under file 10174379, is structured as a Delaware statutory trust. This development signals Bitwise’s potential intention to introduce the first U.S.-based exchange-traded fund (ETF) tied to NEAR Protocol’s native cryptocurrency, NEAR.
LATEST: Bitwise files for $NEAR ETF in Delaware! pic.twitter.com/8D6oJtEhjU
— Roundtable Network (@RTB_io) April 25, 2025
The registration of the Bitwise NEAR ETF does not yet constitute a formal application to the U.S. Securities and Exchange Commission (SEC). According to Bitwise CEO Hunter Horsley, the filing represents the groundwork needed before the firm can proceed with an official ETF proposal.
Framework Mirrors Prior Bitwise ETF Filings
The registration of the NEAR ETF follows a pattern seen in Bitwise’s earlier ETF initiatives. The firm has previously filed Delaware trust registrations for other altcoins, including Dogecoin (DOGE), Aptos (APT), and XRP. Asset managers often use these preliminary trust formations as a first step before submitting detailed filings to the SEC.
Although the SEC has not yet received a formal application for the NEAR ETF, similar filings for other digital assets by Bitwise have later progressed into full ETF proposals. The Bitwise Dogecoin ETF and Bitwise XRP ETF have already entered formal stages with the SEC. Bitwise also awaits regulatory decisions on several pending applications, including its Solana (SOL), DOGE, and XRP ETFs.
The SEC is currently reviewing some cryptocurrency-based ETFs submitted by different firms. Among the delayed applications are Canary Capital’s HBAR ETF and Grayscale’s effort to convert its Polkadot Trust into a formal ETF. The agency has postponed decisions on these until June 10 and June 11, respectively.
NEAR Protocol Gains Momentum Amid Filing
NEAR Protocol, the blockchain platform behind the NEAR token, is designed to support scalable decentralized applications using a unique sharding mechanism. The platform has been operational since late 2020 and uses a Proof-of-Stake consensus system to improve transaction efficiency.
Bitwise’s strategic focus on creating investment vehicles around emerging Layer-1 blockchain tokens reflects a broader market trend. As demand for crypto-tracking ETFs grows, firms seek diversified exposure across various digital assets. The potential NEAR ETF is positioned as part of this expanding portfolio.
Source: Coinmarketcap
NEAR protocol rose by over 4% following the news. Based on recent market data, the token currently trades above $2.61 a 3.31% increase in the past 24 hours . The increase reflects growing market anticipation tied to the potential introduction of regulated investment options centered on NEAR.
