Bitwise Asset Management has filed for a spot Near ETF with the United States Securities and Exchange Commission. 

According to a May 6 Form S-1 filing, the proposed Bitwise NEAR ETF is designed to give investors direct exposure to the price of the NEAR token by holding actual NEAR tokens in custody.

NEAR is the native token of the Near Protocol, a layer-1 blockchain known for its high throughput and energy-efficient proof-of-stake consensus mechanism. Originally launched in 2020, Near was developed to tackle the blockchain trilemma of scalability, security, and decentralization through techniques like Nightshade sharding.

Bitwise’s fund would track the CF NEAR-Dollar Settlement Price benchmark, calculated by CF Benchmarks, and use Coinbase Custody Trust Company as its custodian.

The ETF is structured as a Delaware statutory trust and will issue shares that represent fractional ownership of the NEAR tokens it holds. Bitwise registered a Delaware statutory trust linked to the NEAR ETF on April 28.

Bitwise will not use derivatives or active trading strategies and will handle creation and redemption of shares in cash, with redemptions and purchases conducted by authorized financial participants.

For the ETF to move forward, Bitwise must also submit a 19b-4 form, which formally initiates the SEC’s review process. The filing does not yet include the ETF’s ticker or the exchange it seeks to list on.

After news of the filing broke, NEAR rallied roughly 5.7%. At press time, it had lost some of the gains and was down 1.6% at $2.29.

Bitwise’s NEAR ETF joins a growing list of altcoin-based ETF applications submitted in 2025. Other pending filings include ETFs for Solana (SOL), Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), Hedera (HBAR), and Avalanche (AVAX), among others.

Meanwhile, Bitwise itself has filed for DOGE and SOL ETFs and currently manages spot Bitcoin and Ether ETFs listed on NYSE Arca, which have collectively attracted over $2.3 billion in inflows since launch.

The flood of new applications comes as the SEC continues to delay decisions on several proposed ETFs. Just last month, the Commission extended review deadlines for Bitwise’s Bitcoin and Ethereum ETFs, a separate product offering exposure to both assets,  as well as Canary Capital’s Hedera ETF, pushing decisions to June.

Grayscale’s application to convert its Polkadot trust to an ETF and Canary’s Litecoin ETF filing have also been pushed back. 

In regards to Canary’s Litecoin ETF, the commission said it wants to know if the Litecoin ETF “raises any new or novel concerns not previously contemplated by the Commission.”

In related news, crypto-friendly Paul Atkins recently replaced Gary Gensler as SEC chair, raising hopes of a more open stance toward digital asset products. However, the agency has yet to issue any major approvals under his tenure.