Bitwise Files for NEAR Protocol Spot ETF, Marking Expansion of Altcoin ETF Offerings and Increased Institutional Interest

Bitwise Asset Management has submitted an S-1 registration with the U.S. Securities and Exchange Commission to launch a spot ETF tracking NEAR, the native token of NEAR Protocol. This move marks Bitwise’s expansion beyond its existing Bitcoin and Ethereum ETFs, reflecting the firm’s continued leadership in digital asset fund offerings. If approved, the NEAR Protocol ETF would provide regulated market access to NEAR’s price performance for both institutional and retail investors, boosting the legitimacy of altcoin investments. NEAR Protocol, recognized for its developer-friendly and scalable layer-one blockchain, stands to benefit from potential institutional capital inflows. Bitwise’s application joins a growing pool of spot crypto ETF filings for altcoins like Solana, Ripple, Cardano, Dogecoin, and Litecoin, indicating mounting competition among major asset managers to diversify crypto ETF products in the U.S. Although NEAR’s price experienced a slight short-term dip following the news, increased regulatory attention and broader approval of altcoin ETFs could provide significant long-term growth prospects for NEAR and similar assets. This trend signals ongoing maturation and acceptance of the digital asset market, with traders anticipating more investment vehicles tracking a wider array of cryptocurrencies as regulatory clarity improves.