Bitwise Asset Management has registered the “Bitwise NEAR ETF” in Delaware, signalling a potential SEC filing. Following the registration, the NEAR token surged by over 6%. The move comes amid a regulatory climate more favourable to cryptocurrency ETFs under the current U.S. administration, with Bitwise exploring various crypto assets for future ETFs.
Bitwise Asset Management has made a significant move by registering the “Bitwise NEAR ETF” in Delaware, raising hopes of a potential SEC filing in the near future. This registration, officially documented by Delaware’s Division of Corporations on April 24, is seen as a crucial first step towards regulatory approval necessary to launch a spot Near Protocol (NEAR) ETF in the United States. Bitwise’s CEO, Hunter Horsley, expressed excitement about how this could broaden institutional access to NEAR as the regulatory landscape for crypto ETFs continues to evolve under the current U.S. administration.
As the climate for cryptocurrency ETFs improves, Bitwise’s application is timely. The SEC has shown a more welcoming stance toward digital assets lately. Recently, it approved the first spot Bitcoin ETFs in January 2024, and then granted approval for spot Ethereum ETFs later, in July 2024, following a court ruling that favoured Grayscale. Bitwise is keenly pursuing ETFs that include a variety of crypto assets, and their filing for NEAR reinforces their commitment to diversify their ETF offerings.
Yet, despite this wave of optimism, the SEC has faced criticism for delaying several ETF proposals, including those from Grayscale for Polkadot and Canary Capital for HBAR. This slower review process might reflect the SEC’s cautious approach, yet their willingness to consider blockchain products is evident. The agency appears to be keen on conducting thorough evaluations for each proposal.
Following the announcement regarding the ETF registration, NEAR Protocol’s native token witnessed a noticeable price surge. Data from CoinMarketCap reveals that the NEAR token jumped approximately 6.5%, reaching around $2.60. This comes after a larger trend, as its value has risen more than 26% in just a week, showcasing investor enthusiasm regarding the ETF potential.
Currently, NEAR boasts a market capitalisation of about $3.14 billion, placing it firmly among the top digital assets. Known as “the blockchain for AI,” Near Protocol strives for a leading position in an increasingly competitive blockchain industry. The anticipated ETF by Bitwise could offer institutional investors a direct avenue to the NEAR ecosystem, potentially enhancing market participation and liquidity for its altcoin by allowing the organisation to file the necessary S-1 and 19b-4 forms with the SEC.
