Bitwise Launches NEAR ETF in Race for SEC Approval

Cryptocurrency asset management firm Bitwise has added NEAR to the cryptocurrency ETF race after filing an S-1 application with the SEC.

Digital asset management company Bitwise has applied to list the Near exchange-traded fund with the U.S. Securities and Exchange Commission, adding to the ever-growing list of alternative cryptocurrencies currently competing for regulatory approval.

Bitwise's registration report on May 6 stated that the ETF will track the price fluctuations of the NEAR token, minus expenses, through a traditional brokerage firm.

Bitwise has designated Coinbase Custody as the proposed custodian of the Bitwise NEAR ETF. Management fees, security codes, and the exchange where the company wishes to list have not yet been disclosed.

Bitwise must also file a 19b-4 with the SEC to initiate the regulatory approval process for the fund. The native cryptocurrency asset management company stated they will file such an application when registering a trust fund linked to the NEAR ETF in Delaware on April 28.

NEAR Joins a Heap of Spot Cryptocurrency ETFs on the SEC's Desk

NEAR — the token powering the Near Layer 1 blockchain — is the 44th largest cryptocurrency by market capitalization at $2.73 billion, CoinGecko data shows.

The Near blockchain was once considered an Ethereum killer and is viewed by its supporters as a solution to the “blockchain trilemma” — the challenge of achieving all three critical aspects of blockchain performance: security, scalability, and decentralization. #blockchain