Bitwise Files for First NEAR Protocol ETF in the US: What You Need to Know

Bitwise Makes Waves with First-Ever NEAR ETF Filing in the US

The world of cryptocurrency exchange-traded funds (ETFs) just got more interesting. Asset manager Bitwise has officially submitted an application to launch a NEAR Protocol ETF in the United States, marking a significant first for this particular altcoin. This move signals Bitwise’s continued exploration beyond Bitcoin and Ethereum, venturing deeper into the diverse landscape of digital assets.

While NEAR Protocol hasn’t dominated headlines in early 2025 compared to its strong performance in 2024, this ETF filing could reignite interest and potentially boost its visibility among traditional investors. Bitwise is positioning itself at the forefront of the evolving crypto ETF market, known for considering both mainstream and more unconventional digital asset products.

Currently, the details surrounding the NEAR ETF filing are sparse. The initial application is basic, leaving much to the imagination. However, market watchers anticipate more information will surface if and when Bitwise or the Securities and Exchange Commission (SEC) releases the full application details.

Understanding NEAR Protocol: More Than Just an Altcoin

Before diving deeper into the ETF specifics, let’s revisit what NEAR Protocol is. Launched in 2018, NEAR is a Layer 1 blockchain operating on a Proof-of-Stake (PoS) consensus mechanism. Its primary design goal is to provide a scalable, user-friendly platform for developing decentralized applications (dApps).

Key Features Driving NEAR

• Scalability and Usability: NEAR focuses on making blockchain technology accessible and efficient for both developers and end-users.
• Chain Abstraction: A core concept for NEAR, aiming to simplify the user experience across multiple blockchains. The goal is to make interacting with different chains feel seamless, removing the technical complexities typically involved.
• Account Abstraction: NEAR features native account abstraction, which enhances the flexibility of smart contracts and simplifies user interactions, allowing accounts to manage assets and sign transactions across various protocols using features like Chain Signatures.

NEAR saw impressive growth in 2024, with daily active accounts surging by 766%, largely attributed to successful ecosystem integrations and an expanding user base. Although its price experienced some pullback in early 2025 after a steady climb, the underlying technology remains a focal point.

Bitwise’s Expanding Altcoin ETF Ambitions

The NEAR ETF filing isn’t an isolated event for Bitwise. The asset manager has shown a clear interest in diversifying its crypto ETF offerings. Inspired by the significant institutional inflows seen by spot Bitcoin and Ethereum ETFs, Bitwise has also filed applications for ETFs based on other altcoins, including Dogecoin (DOGE) and potentially Aptos (APT).

This strategy reflects a growing demand for regulated investment vehicles that provide exposure to a wider range of cryptocurrencies beyond the top two market leaders. With dozens of crypto ETF filings currently under review by the SEC, 2025 is shaping up to be a pivotal year for crypto investment products.

The NEAR ETF Filing: What We Know (and Don’t Know)

As mentioned, the initial filing for the Bitwise NEAR ETF is preliminary. Key details such as the proposed ticker symbol, expense ratio, and custodian arrangements are likely yet to be finalized or publicly disclosed.

The process involves rigorous scrutiny from the SEC, which evaluates factors like market maturity, liquidity, custody solutions, and potential for manipulation. While NEAR has seen recent price increases, analysts note these gains aren’t directly tied to the ETF filing itself, though the news could provide future tailwinds.

Market participants will be closely watching for further updates from Bitwise and regulatory feedback from the SEC to gain clarity on the potential structure and timeline for the proposed NEAR ETF.

Why a NEAR ETF? Potential Market Implications

The potential launch of a NEAR ETF carries significant implications for both the NEAR ecosystem and the broader crypto market:

• Increased Accessibility: An ETF would provide a familiar and regulated pathway for traditional and institutional investors to gain exposure to NEAR without directly holding the cryptocurrency.
• Potential Demand Boost: Easier access could drive increased demand for NEAR tokens, potentially impacting its market valuation positively over time.
• Ecosystem Growth: Heightened investor interest often translates to greater attention on the underlying blockchain. A successful ETF could attract more developers to build dApps on NEAR and encourage user adoption within its ecosystem.
• Validation and Visibility: An SEC-approved ETF would lend a degree of legitimacy and mainstream visibility to NEAR Protocol, highlighting its technology and potential within the competitive Layer 1 landscape.

By focusing on usability and chain abstraction, NEAR aims to tackle key challenges in dApp development and user experience. An ETF could provide the fuel needed to accelerate its mission and solidify its market position.

Looking Ahead: The Future of NEAR and Altcoin ETFs

Bitwise’s move to file for a NEAR ETF is a bold step, underscoring the growing appetite for diverse crypto investment products. While the path to approval involves regulatory hurdles and market uncertainties, the filing itself is a noteworthy development for NEAR Protocol and the altcoin market.

As the crypto ETF landscape continues to mature, initiatives like this could pave the way for more altcoins to enter the traditional financial system via regulated funds. For now, the industry watches and waits for more details on the Bitwise NEAR ETF and the SEC’s stance on the expanding universe of crypto assets.