$NEAR Price Breakout: Bitwise ETF Filing Sparks Rally – Key Levels to Watch
Bitwise, an asset management firm, has filed for a Near Protocol ETF in Delaware, resulting in a more than 5% increase in the price of NEAR.
Bitwise, an asset management firm, has initiated the process to register a Near Protocol ETF in Delaware, indicating its plan to submit a NEAR ETF application to the US Securities and Exchange Commission (SEC).
The NEAR price is poised for a breakout as Bitwise prepares to launch a Near Protocol ETF.
According to data from the State of Delaware, Bitwise has officially registered a Near ETF with the Division of Corporations, incorporating the fund on April 24 under the name 'BITWISE NEAR ETF.'
This development is crucial as it typically represents the initial step towards submitting a proposal for a spot ETF to the US SEC.
Consequently, the asset manager is expected to file the S-1 and 19b-4 forms for this Near ETF with the regulatory body in the near future.
These submissions will formally initiate the SEC's process to either approve or reject the fund.
This ETF aims to facilitate institutional access to the Near Protocol ecosystem, which is likely to positively impact the NEAR price as increased capital flows into the altcoin.
In addition, Bitwise has already submitted applications for ETFs related to Solana,
$XRP ,
$DOGE , and Aptos, seeking to broaden its portfolio beyond Bitcoin and Ethereum ETFs.
The XRP and Solana ETFs are currently at the forefront in the race for potential SEC approval, benefiting from existing futures markets that give them an advantage over other altcoins.
Nevertheless, the SEC has indicated that it is not rushing to approve any of these ETFs, despite a more favorable approach towards the cryptocurrency sector under the new administration. Recently, the Commission postponed its decision regarding Grayscale's Polkadot ETF filing.
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