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Bitwise, one of the biggest U.S. fund managers with $12 billion in assets under management, has taken a massive step in a $NEAR ETF application. Bitwise has officially filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch a $NEAR-based ETF.
If approved, this could be a major turning point for $NEAR, pushing its price to the next level. Meanwhile, other giant institutions are also eying now for Near ETF.
Bitwise Files for $NEAR ETF
On May 6, Bitwise sent a filing to the U.S. SEC to launch a new ETF called the Bitwise $NEAR ETF. This fund will follow the price of $NEAR, the native token of the $NEAR blockchain.
The $NEAR tokens will be held by Coinbase Custody, a trusted company that keeps digital assets safe. They are licensed in New York and already work with big crypto projects.
Bitwise has filed a Form S-1 with the U.S. SEC to launch the Bitwise $NEAR ETF, which will track the value of $NEAR held by the trust, net of operating expenses and liabilities. https://t.co/dUCKFpx5i7
— Wu Blockchain (@WuBlockchain) May 6, 2025
If the SEC approves it, this would become the first U.S. ETF linked to $NEAR, a fast and developer-friendly blockchain. Meanwhile, this will let people invest in $NEAR without needing to buy or store the token themselves.
More Filings Incoming For $NEAR ETF
Last month, on April 25th, Bitwise registered the Bitwise $NEAR ETF in Delaware. This is usually the first step before filing with the SEC to launch a real ETF that tracks $NEAR’s price.
Bitwise isn’t the first to show interest. Before this, Grayscale and 21Shares have already made $NEAR investment products. But Bitwise jumping in now could bring more attention, money, and new investors to $NEAR.
Technical Indicators Show Mixed Signals
Despite the positive news, Near protocol native token $NEAR’s price hasn’t reacted strongly yet. As of now, it is trading around $2.30, reflecting a drop of 1.6% seen in the last 24 hours.
However, the short-term technical indicators suggest some caution. The MACD is signaling bearish momentum, while the RSI is now at 90, suggesting that $NEAR is overbought. This setup hints that a price drop could be near.
Unless the bulls manage to defend the key support at $2.10 and push $NEAR back up toward the $2.70 resistance zone.