Coinbase Custody to Secure Bitwise’s Groundbreaking NEAR ETF Filing

Bitwise Asset Management, a prominent U.S. fund manager with $12 billion in assets under management, has taken a significant step toward bringing NEAR Protocol into the mainstream financial ecosystem. On May 7, 2025, the company filed an S-1 registration with the SEC for a NEAR-focused ETF, marking one of the first attempts to create an exchange-traded fund for a layer-1 blockchain token outside of Ethereum. The proposed Bitwise NEAR ETF aims to track the price of NEAR, the native token of the NEAR blockchain, with Coinbase Custody serving as the trusted custodian for the fund’s assets. This move represents a major institutional endorsement of NEAR Protocol and could pave the way for broader adoption of layer-1 tokens in traditional finance. Despite the landmark nature of the filing, the market reaction to the news has been relatively muted, with NEAR’s price showing little immediate movement. The ETF’s approval would provide investors with a regulated and accessible way to gain exposure to NEAR’s performance without directly holding the cryptocurrency. As the SEC reviews the application, the crypto community will be watching closely to see if this becomes a template for future layer-1 token ETFs. Coinbase’s involvement as custodian further solidifies its position as a key infrastructure provider bridging digital assets and traditional finance.

Bitwise Files S-1 for NEAR ETF Amid Lackluster Price Reaction

Bitwise Asset Management, a major U.S. fund manager overseeing $12 billion, has submitted an S-1 filing to the SEC for a NEAR Protocol-focused ETF. The proposed Bitwise NEAR ETF would track the price of NEAR, the native token of the NEAR blockchain, with custody handled by Coinbase Custody.

Despite the significance of this institutional move—marking one of the first ETF attempts for a layer-1 blockchain token outside Ethereum—NEAR’s market price showed muted response. The filing signals growing institutional interest in modular blockchain assets, though regulatory approval remains uncertain.

BlackRock’s $19.65M Ethereum Purchase Signals Institutional Confidence

BlackRock has acquired 10,897 ETH worth $19.65 million through Coinbase, marking a significant institutional endorsement of Ethereum. The purchase comes as ETH tests key resistance at $1,850, currently trading at $1,805.16 with a 1.14% daily gain.

Market analysts note Ethereum’s valuation mirrors historical bottom patterns from 2020 and 2022, periods that preceded substantial recoveries. The upcoming Pectra upgrade on May 7 adds further momentum to ETH’s technical outlook.

This move by the world’s largest asset manager underscores growing institutional acceptance of digital assets. The transaction was executed amid cautious market conditions, with traders closely monitoring Ethereum’s ability to break through critical resistance levels.