Bitwise Charges Ahead with First NEAR Protocol ETF as Token Soars

Wall Street’s crypto gamblers just found a new shiny toy. Bitwise Asset Management is launching the first exchange-traded fund exclusively tracking NEAR Protocol—because apparently, the 300% annual pump wasn’t enough exposure for institutional bagholders.

The NEAR ETF lands as the token flirts with all-time highs, proving once again that financial products arrive precisely when retail least needs them. Will this move legitimize the ’Ethereum killer’ narrative or just give TradFi another volatile asset to mismanage? Place your bets.

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.