Bitwise Files S-1 for Spot NEAR ETF with US SEC

Highlights:

• Bitwise filed a Form S-1 for a spot NEAR ETF, with SEC approval still pending.
• Bitwise appoints Coinbase Custody Trust to manage NEAR holdings for upcoming ETF.
• SEC delays decisions on multiple crypto ETF proposals, including Bitwise’s Bitcoin-Ethereum fund.

On May 6, asset manager Bitwise formally submitted a Form S-1 registration statement to the United States Securities and Exchange Commission (SEC) to launch the spot Near exchange-traded fund (ETF).  The proposed ETF is designed to mirror the value of NEAR, the native token of the NEAR Protocol, a layer-1 blockchain focused on scalability and decentralized app development.

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

The filing does not reveal the specific exchange or ticker symbol for the upcoming ETF. Coinbase Custody Trust Company, LLC has been appointed as the custodian. It will handle the storage of NEAR, oversee the Trust’s NEAR holdings, and manage all necessary token transfers on behalf of the fund.

The filing reads:

“The Trust’s investment objective is to seek to provide exposure to the value of NEAR held by the Trust, less the expenses of the Trust’s operations and other liabilities. In seeking to achieve its investment objective, the Trust will hold NEAR and establish its net asset value (“NAV”) by reference to the [CF NEAR-Dollar Settlement Price] (the “Pricing Benchmark”).”

Bitwise Expands Altcoin ETF Offerings

This new filing comes after the company previously registered its ETF trust in the state of Delaware. Next, Bitwise plans to submit a 19b-4 form through an exchange, a necessary step to begin the regulatory review and enable the exchange to propose listing and trading the fund.

Bitwise has added NEAR to its expanding lineup of altcoin ETF proposals. The firm already manages ETFs linked to top digital assets like Bitcoin and Ethereum. The firm is also seeking approval for new ETFs tied to XRP, Solana (SOL), Aptos (APT), and Dogecoin (DOGE).

Following the announcement of the ETF filing, NEAR jumped over 5%. However, it later pulled back and was trading at $2.33, down 1.4% at the time of writing. The Near blockchain was once seen as an Ethereum killer. Its supporters view it as a solution to the “blockchain trilemma,” balancing security, scalability, and decentralization.

SEC Delays Multiple Crypto ETF Decisions as Fresh Filings Surge

The wave of fresh ETF filings arrives as the SEC keeps postponing rulings on multiple proposals. The SEC has postponed its decision on Bitwise’s proposed Bitcoin and Ethereum ETF, along with Canary Capital’s application for a Hedera ETF. These decisions have now been delayed until June. 

Grayscale’s proposal to turn its Polkadot trust into an ETF, and Canary’s application for a Litecoin ETF, have both been postponed. The SEC noted that it needs further clarification on whether Canary’s Litecoin ETF presents any new or previously unaddressed concerns. In a recent development, crypto advocate Paul Atkins has taken over as SEC chair, succeeding Gary Gensler. This appointment has raised hopes for more digital asset product approvals, but he has not yet made any major decisions.