Bitwise Files NEAR ETF with SEC, Focus on Traditional Investors

Bitwise Asset Management has officially filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) based on $NEAR. The ETF will give traditional investors access to $NEAR, the native token of the $NEAR blockchain, through standard brokerage platforms. Despite the potential impact on wider adoption, the price of the $NEAR token has not responded positively and has traded lower since the announcement.

Bitwise’s filing puts $NEAR in a growing group of altcoins seeking regulatory approval for spot ETFs. According to the filing, filed on May 6, Bitwise’s proposed $NEAR ETF aims to replicate the performance of the trust-managed $NEAR, minus fees and liabilities. Coinbase Custody, a New York-regulated company, will secure digital assets in cold storage and will only be able to use hot wallets under certain conditions.

The ETF is structured as a trust, with the sponsorship fee calculated in US dollars and paid in $NEAR tokens. Bitwise will cover operating costs of up to $500,000 per year, and the Trust will have the right to liquidate $NEAR if extraordinary expenses arise.

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