Bitwise Asset Management has filed for the first ETF based on Near Protocol (NEAR) in the U.S., highlighting growing interest in altcoins and their potential on the stock market.
Details of ETF Application
On May 6, Bitwise filed an S-1 form detailing the plan for a NEAR-based ETF. This fund will track the price of the NEAR token and allow investors to purchase it on the stock market without going through cryptocurrency exchanges. However, details such as the ticker symbol, the exact exchange, and the fees for investors were not disclosed.
Role of Coinbase Custody
In the filing process, Bitwise named Coinbase Custody as the sole custodian of the fund. This means that Coinbase will be responsible for securely storing the NEAR tokens backing the ETF shares. To complete the SEC approval process, Bitwise will also need to submit a 19b-4 form.
NEAR Protocol Ecosystem
NEAR is the token behind the Near blockchain, a smart contract platform known for its high speeds and low costs. The Nightshade sharding system allows it to process around 100,000 transactions per second. The Near team has also shifted focus from DeFi to AI, which could lead to ambitious projects in the future.
Bitwise's filing for a NEAR ETF highlights the increasing interest in altcoins. SEC approval of such funds could pave the way for institutional investors to access new crypto projects in a regulated and secure manner.
