Bitwise Files for NEAR Protocol ETF: Fueling the 2025 Altcoin ETF Surge

On May 6, 2025, Bitwise Asset Management submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for a spot NEAR exchange-traded fund (ETF), marking a significant step toward offering investors regulated exposure to the NEAR Protocol’s native token. The filing, which follows Bitwise’s registration of a NEAR ETF in Delaware on April 25, positions NEAR alongside other altcoins like XRP, Solana, and Dogecoin in the race for SEC approval.

The proposed Bitwise NEAR ETF aims to track the value of NEAR tokens held by the trust, net of operating expenses and liabilities, using a NEAR price benchmark provided by CF Benchmarks. If approved, the ETF would allow investors to gain exposure to NEAR through traditional brokerage accounts without directly owning the digital asset. The S-1 filing, a critical step in the ETF approval process, follows Bitwise’s Delaware registration, which was seen as a preliminary move to gauge regulatory feasibility. For the ETF to be listed, Bitwise must also submit a 19b-4 filing to propose exchange rule changes, initiating a formal SEC review period that can last up to 240 days.

NEAR Protocol, a layer-1 blockchain focused on scalability and developer-friendly infrastructure, has gained attention for its sharding technology and AI-driven applications. With a market capitalization of approximately $2.79 billion, NEAR ranks as the 44st largest cryptocurrency, making it a notable but smaller player compared to Bitcoin or Ethereum. Its emphasis on AI integration and low transaction costs has positioned it as a competitor to networks like Solana and Ethereum, particularly in decentralized application (dApp) development.

Bitwise Asset Management, founded in 2017 and headquartered in San Francisco, is a leading crypto-focused asset manager specializing in index funds and exchange-traded funds (ETFs) to provide investors with diversified exposure to digital assets. The firm has launched several crypto ETFs, including Bitwise Bitcoin ETF (BITB) which tracks spot Bitcoin and Bitwise Ethereum ETF (ETHW) which provides exposure to spot Ethereum. Additionally, Bitwise offers the Bitwise Bitcoin and Ethereum ETF, a combined fund weighted by market capitalization of Bitcoin and Ethereum, also listed on NYSE Arca. Currently, Bitwise has multiple ETF applications pending SEC approval, including a spot NEAR ETF, a spot Solana ETF, a spot XRP ETF, a spot Dogecoin ETF, and the Bitwise 10 Crypto Index Fund ETF, which tracks a diversified basket of ten major cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Uniswap, and Polkadot.

Bitwise’s filing reflects a broader trend of asset managers targeting altcoins for ETFs. Since the departure of former SEC Chairman Gary Gensler in January 2025, firms like 21Shares, Grayscale, and Canary Capital have submitted applications for ETFs tracking XRP, Solana, Litecoin, Dogecoin, and others. In April, Bloomberg ETF analyst Eric Balchunas noted that over 70 crypto-related ETFs are awaiting SEC approval for listing or listing options.

However, challenges persist. The SEC’s crypto task force is examining which assets qualify as securities, potentially complicating the approval process for altcoins like NEAR. Unlike Bitcoin and Ethereum ETFs, which benefited from established commodity classifications, NEAR’s regulatory status remains unclear, and demand for altcoin ETFs is uncertain. Despite this, major asset managers continue to actively participate in the race for altcoin ETF applications. Balchunas likened this trend to bands uploading songs to every music streaming service, stating, “(It) doesn’t guarantee listens, but it puts your music where the vast majority of the listeners are.”