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Bitwise Asset Management, one of the leading crypto-focused investment firms, is expanding its ETF ambitions beyond Bitcoin and Ethereum — this time setting its sights on NEAR Protocol, along with Solana (SOL), XRP, and Dogecoin (DOGE). As crypto markets heat up and institutional interest grows, Bitwise is positioning itself at the forefront of a potential new wave of altcoin exchange-traded funds (ETFs).
The Altcoin ETF Wave Is Building
Following the historic approval of spot Bitcoin ETFs in early 2024 and growing momentum behind Ethereum ETF proposals, Bitwise has filed with the SEC to explore the possibility of launching ETFs tied to other major altcoins — including NEAR, a high-performance layer-one blockchain gaining attention for its scalability and developer-friendly ecosystem.
These new filings are part of a broader strategy to cater to institutional investors seeking diversified crypto exposure through traditional financial products. Bitwise’s move echoes similar ambitions by other firms, such as Grayscale and VanEck, who are also pushing to bring top altcoins into regulated markets.
Why NEAR Protocol?
NEAR has emerged as a standout among newer blockchain projects, thanks to:
- High-speed, low-cost transactions
- Innovative sharding architecture for scalability
- A growing ecosystem of dApps and DeFi protocols
- Backed by major investors and active developer communities
With strong fundamentals and rising adoption, NEAR appears to be a natural candidate for ETF inclusion as crypto matures into a multi-chain world.
Regulatory Headwinds Still Linger
While Bitwise’s filings signal confidence, SEC approval for non-Bitcoin ETFs remains uncertain. Regulatory scrutiny of altcoins — especially XRP and Dogecoin — has been fierce, and NEAR could face similar challenges depending on how the SEC classifies it under securities law.
Still, the fact that asset managers are pushing these applications forward indicates growing belief that regulatory clarity is approaching — and they want to be first in line when the green light comes.
As the crypto market continues its 2024 rebound, ETFs could serve as a major catalyst for broader adoption. Bitwise’s inclusion of NEAR in its ETF lineup suggests growing confidence in next-gen blockchains and highlights the market’s shift from Bitcoin maximalism toward a multi-asset investment strategy.
