Bitwise seeks approval for a NEAR ETF through a formal filing with the SEC.

Bitwise has officially submitted an S-1 registration form to the SEC with the goal of launching a NEAR ETF. Although there have been leadership changes at the SEC, the approval process for crypto ETFs continues to proceed at a sluggish pace, resulting in delays for Bitwise and similar applications. This filing is a significant step for Bitwise Asset Management as it seeks to introduce the Bitwise NEAR exchange-traded fund (ETF). This submission follows the official registration of the company’s trust entity for the Bitwise NEAR ETF in Delaware on April 24, 2025. The planned ETF aims to follow the performance of NEAR, the native cryptocurrency of the NEAR Protocol, which is a blockchain network that emphasizes scalability and the development of decentralized applications. Bitwise disclosed in its S-1 filing: The objective of the Trust is to offer exposure to the value of NEAR that it holds, after accounting for the costs of operating the Trust and any other obligations. Coinbase Custody Trust Company, LLC, has been appointed as the custodian for the ETF. The firm will oversee the secure storage of NEAR digital assets, handle the Trust’s NEAR account, and carry out any required transactions involving NEAR. The filing did not specify the stock exchange where the ETF will be listed, nor the trading symbol. Bitwise continues to progress despite the SEC’s delays. The announcement of the filing did not lead to any significant movement in the NEAR token’s market. Over the past day, the token gained 2% in value, bringing its current price to $2.32.