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Bitwise has made headlines by filing an S-1 with the SEC, seeking to list a spot NEAR exchange-traded fund (ETF), signaling a crucial move in the evolving crypto ETF landscape.
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This filing highlights the growing interest in altcoins as potential investment vehicles, as Bitwise joins a competitive field of crypto ETFs vying for regulatory approval.
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Cointelegraph notes that Bitwise has designated Coinbase Custody as the custodian for the proposed ETF, underscoring the partnership’s significance in the crypto space.
This article discusses Bitwise’s recent S-1 filing for a NEAR ETF, exploring its implications in the evolving crypto market and potential competition with existing altcoin ETFs.
NEAR Joins a Competitive Field of Spot Crypto ETFs Under SEC Review
The SEC is currently tasked with evaluating a growing number of spot crypto ETF applications, with at least twelve notable contenders including Litecoin (LTC), Dogecoin (DOGE), and Solana (SOL) anticipated in 2025. This surge signifies both institutional interest and a maturation of the crypto market.
Bitwise, known for its strategic positioning in the crypto investment space, has not only filed for the NEAR ETF but also has pending applications for DOGE, SOL, and XRP ETFs. The firm has previously achieved a remarkable feat by successfully launching spot Bitcoin (BTC) and Ether (ETH) ETFs on NYSE Arca, gathering over $2.35 billion in net inflows since their inception.
NEAR: An Examination of Its Potential in the Layer-1 Ecosystem
As the 44th largest cryptocurrency by market cap, with a valuation of $2.73 billion according to CoinGecko data, the NEAR token powers its namesake blockchain—once heralded as an “Ethereum killer.” Proponents argue that it effectively addresses the renowned “blockchain trilemma”: the challenge of achieving security, scalability, and decentralization concurrently.
NEAR’s architecture utilizes Nightshade sharding, allowing it to process an impressive 100,000 transactions per second. Additionally, it maintains its integrity with the support of 265 active validators, ensuring robust security as indicated by Nearblocks.io data.