Bitwise registers first NEAR ETF in US as institutional interest in altcoins grows
Key Takeaways
- Bitwise registered a NEAR ETF, marking the first step toward launching the first NEAR ETF in the US.
- A US NEAR ETF would provide institutional access to the NEAR token, aligning with broader industry trends.
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American fund manager Bitwise Asset Management has registered a trust entity named Bitwise NEAR ETF in Delaware — a move that typically precedes a formal filing with the SEC for an exchange-traded product that would track NEAR, the native asset of the NEAR Protocol.
If successful, Bitwise’s proposed fund would be the first US-based ETF tied to the layer 1 blockchain focused on scalability and developer accessibility.
Prior to Bitwise’s move, other asset managers such as 21Shares and Grayscale had already introduced NEAR-related investment products. 21Shares offers the 21Shares NEAR Protocol Staking ETP, providing exposure to NEAR tokens along with staking rewards.
Meanwhile, Grayscale operates the Grayscale NEAR Trust, a private placement vehicle that gives accredited investors access to NEAR, though it is not structured as an ETF.
A US-listed NEAR ETF would expand institutional access to the token as it offers a regulated, exchange-traded vehicle. The ETF structure enables institutions to gain exposure to NEAR without the complexities of managing private keys, custody arrangements, or wallet infrastructure.
Plus, by tracking the spot price of the underlying asset and disclosing holdings daily, the ETF provides real-time price transparency and a closer alignment with market value—features critical for portfolio management and compliance.
Bitwise, a pioneer in crypto asset investment products, had over $5 billion in assets under management as of October 2024, marking a 400% increase in that year, the firm said in a statement.
The company manages a wide range of investment products, including crypto index funds, thematic equity ETFs, spot crypto ETPs, multi-strategy alpha solutions, separately managed accounts, and private funds.
Bitwise’s spot Bitcoin ETF (BITB), which launched in January 2024, has grown to $3.6 billion in assets under management, according to the latest data. Despite being on the market for just over a year, BITB ranks among the top-performing Bitcoin funds, with steady growth and strong investor demand.
In addition to NEAR, Bitwise is aiming for ETFs related to other leading crypto assets, such as XRP, Dogecoin, and Solana, to name a few.
The new registration is part of Bitwise’s ongoing effort to expand its digital asset offerings beyond Bitcoin and Ethereum, as institutional appetite for altcoin exposure gains momentum.
Bitwise, as well as other fund managers, anticipate that a crypto-friendly environment in the Trump era will help accelerate the approval and adoption of crypto investment products.
Earlier this week, Trump Media and Crypto.com finalized a deal to launch America-first ETFs, including ones tied to Cronos. The parties said they aimed to benefit from pro-crypto policies under the Trump administration.
Whether the growing lineup of proposed crypto funds will ultimately reach the market depends on the securities regulator. Newly sworn-in SEC Chair Paul Atkins, along with other Commissioners, is expected to review and rule on several pending ETF applications in the coming months.
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