Bitwise has submitted its registration statement to the US Securities and Exchange Commission (SEC) to launch a $NEAR ETF, aimed at giving investors access to the altcoin.

This strategic move by the asset manager signals a positive trend for the Near Protocol price, as institutional investors will be able to invest in the altcoin via this fund.

Bitwise Registers NEAR ETF Filing With US SEC

A filing with the SEC indicates that Bitwise has submitted its application for a proposed NEAR ETF to the US Securities and Exchange Commission.



This initiative is part of a strategy to establish a fund that will directly mirror the value of the Near Protocol and offer investors exposure to this altcoin.

This development follows the asset manager's earlier registration of the Near Protocol ETF in Delaware.



Subsequently, the firm will proceed to submit a 19b-4 form for the ETF to the Commission via an exchange, thereby initiating the approval process as the exchange expresses its intent to list and trade the fund on its platform.

The Commission currently has several applications for other altcoin ETFs under review, including those from Bitwise for Solana, XRP, Dogecoin, and Aptos ETFs.



Nevertheless, the SEC has demonstrated a lack of urgency in approving these funds, despite the regulatory-friendly atmosphere fostered by the current administration.

The agency has postponed its decisions on all other crypto ETFs, with the most recent delay concerning Canary Capital's Litecoin ETF application.

Insight Into The Altcoin’s Current Price Action

In light of Bitwise's $NEAR ETF application, crypto analyst Lycus has shared his observations regarding the current price movements of the Near Protocol.

He noted that the altcoin's price seems to be finding stability above the $1.75 support level.

The analyst indicated that should the price regain the $3.70 resistance level, a significant increase towards the $5 mark may occur.

Lycus confirmed that the NEAR price demonstrates robust support and recommended that market participants consider waiting for a minor dip around $2.65 if they intend to accumulate.

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