In brief
- Bitwise has filed paperwork in Delaware for a new crypto ETF based around the token of Near Protocol.
- Near Protocol is the 41st-biggest cryptocurrency by market cap.
- Asset managers have filed for dozens of altcoin ETFs in recent months.
Another day, another crypto ETF filing. This time, a crypto asset manager is trying its luck with a fund that, if approved, would give investors exposure to Near Protocol.
A Thursday filing in the State of Delaware shows that paperwork to launch a NEAR ETF has been filed by Bitwise.
Filing with the State of Delaware is the first step in getting such a product approved. The asset manager still has to file with the Securities and Exchange Commission to get the process officially moving.
Near Protocol is a blockchain used by developers for building crypto-powered apps, with a particular focus on AI applications. It aims to compete with Ethereum and Solana, and its native coin, NEAR, is the 41st-biggest virtual coin by market cap.
Bitwise did not immediately respond to Decrypt’s questions. NEAR is up over 3% on the day to a current price of $2.61, per data from 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.
And a new, crypto-friendly SEC under Republican President Donald Trump—who took office in January—has fund managers feeling more optimistic.
As a result, the likes of Grayscale and Bitwise are trying to get Solana, XRP, and Dogecoin ETFs approved. Smaller asset managers are even trying their luck with everything from Pudgy Penguins to TRUMP and BONK investment vehicles.
Edited by Andrew Hayward
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