Key Takeaways
- Bitwise registered a NEAR ETF, marking step one towards launching the primary NEAR ETF within the US.
- A US NEAR ETF would supply institutional entry to the NEAR token, aligning with broader business developments.
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American fund supervisor Bitwise Asset Administration has registered a belief entity named Bitwise NEAR ETF in Delaware — a transfer that sometimes precedes a proper submitting with the SEC for an exchange-traded product that may observe NEAR, the native asset of the NEAR Protocol.
If profitable, Bitwise’s proposed fund can be the primary US-based ETF tied to the layer 1 blockchain centered on scalability and developer accessibility.
Previous to Bitwise’s transfer, different asset managers corresponding to 21Shares and Grayscale had already launched NEAR-related funding merchandise. 21Shares affords the 21Shares NEAR Protocol Staking ETP, offering publicity to NEAR tokens together with staking rewards.
In the meantime, Grayscale operates the Grayscale NEAR Belief, a personal placement car that provides accredited buyers entry to NEAR, although it isn’t structured as an ETF.
A US-listed NEAR ETF would increase institutional entry to the token because it affords a regulated, exchange-traded car. The ETF construction permits establishments to realize publicity to NEAR with out the complexities of managing non-public keys, custody preparations, or pockets infrastructure.
Plus, by monitoring the spot value of the underlying asset and disclosing holdings every day, the ETF offers real-time value transparency and a better alignment with market worth—options crucial for portfolio administration and compliance.
Bitwise, a pioneer in crypto asset funding merchandise, had over $5 billion in belongings underneath administration as of October 2024, marking a 400% improve in that yr, the agency stated in an announcement.
The corporate manages a variety of funding merchandise, together with crypto index funds, thematic fairness ETFs, spot crypto ETPs, multi-strategy alpha options, individually managed accounts, and personal funds.
Bitwise’s spot Bitcoin ETF (BITB), which launched in January 2024, has grown to $3.6 billion in belongings underneath administration, based on the most recent information. Regardless of being available on the market for simply over a yr, BITB ranks among the many top-performing Bitcoin funds, with regular progress and powerful investor demand.
Along with NEAR, Bitwise is aiming for ETFs associated to different main crypto belongings, corresponding to XRP, Dogecoin, and Solana, to call a couple of.
The brand new registration is a part of Bitwise’s ongoing effort to increase its digital asset choices past Bitcoin and Ethereum, as institutional urge for food for altcoin publicity positive aspects momentum.
Bitwise, in addition to different fund managers, anticipate {that a} crypto-friendly setting within the Trump period will assist speed up the approval and adoption of crypto funding merchandise.
Earlier this week, Trump Media and Crypto.com finalized a deal to launch America-first ETFs, together with ones tied to Cronos. The events stated they aimed to learn from pro-crypto insurance policies underneath the Trump administration.
Whether or not the rising lineup of proposed crypto funds will finally attain the market is determined by the securities regulator. Newly sworn-in SEC Chair Paul Atkins, together with different Commissioners, is predicted to overview and rule on a number of pending ETF purposes within the coming months.
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