Bitwise Files to Launch NEAR-Based ETF via Delaware Trust

Crypto asset manager Bitwise has taken the first step toward launching a new exchange-traded fund (ETF) tracking the price of NEAR Protocol's native token.

A Delaware trust company has begun the process of registering an exchange-traded fund (ETF) that will track the price of NEAR Protocol’s native token, according to a Thursday filing.

The company, which is affiliated with crypto asset manager Bitwise, filed paperwork for the “Bitwise NEAR ETF” with the state of Delaware.

These filings are an early stage in the ETF creation process and do not yet constitute an application with the U.S. Securities and Exchange Commission (SEC). The trust company must also receive approval from the state’s banking commissioner before it can begin operations.

Once approved by the state, the trust company can apply to list the ETF on an exchange, such as the Nasdaq. The ETF would then be subject to SEC review and approval.

The filing comes as NEAR, currently ranked the 43rd largest cryptocurrency by market capitalization, has shown modest gains in recent days. The token is currently trading slightly above $2.60, according to data from The Block.

This filing adds NEAR to a growing list of digital assets Bitwise is targeting for potential ETF products. The firm has previously registered similar Delaware entities for crypto-focused ETFs tied to assets such as Dogecoin, Aptos, and XRP. Some of these products have progressed to formal SEC registration stages, including the Bitwise Dogecoin ETF and Bitwise Aptos ETF.

As interest in regulated crypto investment vehicles grows, Bitwise continues to position itself at the forefront of bridging digital assets with traditional finance infrastructure.

News data source: kdj.com

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