Bitwise Asset Management has taken a significant step toward launching a new exchange-traded fund (ETF) based on NEAR Protocol’s native token, NEAR.

According to information on Delaware’s official state website, the firm registered a new entity called Bitwise NEAR ETF on April 24.

The filing, listed under number 10174379, classifies the entity as a corporate trust service, signaling early groundwork for a potential spot NEAR ETF in the United States.

The NEAR ETF would aim to mirror the performance of the NEAR token, which currently holds a market capitalization of roughly $3.14 billion. NEAR is ranked as the 34th-largest digital asset by market cap and self-describes as “the blockchain for AI.”

Meanwhile, this marks the first known attempt by any firm to introduce a NEAR-focused ETF to the US market. If successful, it could pave the way for broader institutional exposure to the protocol.

Bitwise has previously registered similar Delaware trusts for Dogecoin and Aptos ETFs, suggesting the firm may soon submit an S-1 application to the US Securities and Exchange Commission (SEC).

The ETF registration comes as the token’s price has surged more than 6.5% in the last 24 hours, trading at $2.60 after a 7-day gain of over 26%, according to CryptoSlate data.

Crypto ETFs

Bitwise’s move follows several regulatory delays on several other ETF applications.

On April 24, the SEC extended its review period for multiple altcoin ETFs, including proposals from Grayscale for a Polkadot ETF and Canary Capital for an HBAR ETF. Both decisions have been postponed until June 11.

Additionally, the SEC delayed its verdict on Bitwise’s proposed dual Bitcoin and Ethereum ETF until June 10.

The agency cited the need for further analysis and public comment review for these extensions.

This wave of filings reflects the ongoing shift in US regulatory sentiment toward digital assets. As of now, the financial regulator is evaluating 72 different digital asset-related ETF proposals, covering a mix of single, dual, and multi-asset products.

The post Bitwise eyes first NEAR-focused ETF amid rising token value appeared first on CryptoSlate.