Bitwise, a crypto asset manager, has filed with the SEC to launch a spot Near exchange-traded fund (ETF), adding to the competitive landscape of cryptocurrency ETFs. This ETF is designed to track the price movements of the NEAR token, minus expenses. Coinbase Custody is proposed as its custodian, although details about the management fee, ticker, and stock exchange are yet to be disclosed. To proceed with the approval process, Bitwise will also need to submit a 19b-4 filing with the SEC, which they hinted at after establishing a trust linked to the NEAR ETF in Delaware. The NEAR token is one of many vying for approval, as the SEC currently evaluates at least a dozen spot crypto ETF applications in 2025, which include other cryptocurrencies such as Litecoin, Dogecoin, and XRP. Bitwise has previously filed for other ETF products like those for DOGE, SOL, and XRP, and successfully launched spot Bitcoin and Ether ETFs in 2024 that have seen substantial net inflows. The NEAR Protocol, which powers the NEAR token, is also noteworthy for its focus on scalability, security, and decentralization.

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