Bitwise Breaks Ground: First-Ever NEAR ETF Filed with SEC

In a major step toward expanding institutional access to emerging Layer-1 blockchains, Bitwise Asset Management has submitted the first-ever ETF application for NEAR Protocol to the U.S. Securities and Exchange Commission (SEC).

The proposed Bitwise NEAR Trust would track the performance of NEAR, the native token of the NEAR Protocol—an increasingly popular smart contract platform known for its speed, scalability, and developer-friendly tools. The filing marks a watershed moment for both Bitwise and the broader NEAR ecosystem, signaling growing demand for diversified crypto investment vehicles beyond Bitcoin and Ethereum.

A Strategic Play for the Next Generation of Crypto Assets

Bitwise, one of the leading digital asset managers in the U.S., has long been at the forefront of pushing crypto-based ETFs through regulatory channels. Following its Bitcoin and Ethereum products, the NEAR Trust represents its first foray into second-tier but high-potential Layer-1 blockchains.

“We believe NEAR Protocol is one of the most technically advanced and adoption-ready platforms in the Web3 space,” said Matt Hougan, CIO at Bitwise. “Institutional investors deserve access to the broader innovation happening in crypto—not just Bitcoin and Ethereum.”

Why NEAR?

NEAR has been gaining traction as a developer-centric, highly scalable blockchain built with usability and interoperability in mind. With its sharding technology, low fees, and fast finality, NEAR has become a preferred platform for next-gen decentralized apps (dApps), especially in gaming, NFTs, and DeFi.

The protocol recently made headlines with its push into AI-integrated blockchain services and partnerships across both emerging and traditional tech sectors. With NEAR’s growing adoption and TVL (total value locked) rising steadily in 2025, many see this ETF application as timely and strategic.

SEC Still a Bottleneck

While Bitwise’s filing is a first, it faces the same uphill battle that all crypto-based ETFs do: regulatory uncertainty. The SEC has yet to approve any spot ETF outside of Bitcoin and Ethereum, and altcoin-focused funds face greater scrutiny, particularly around questions of decentralization and market integrity.

Still, industry observers view the move as a signal of confidence in NEAR’s maturation and Bitwise’s long-term strategy to build a diversified crypto ETF portfolio.

Market Reaction and Ecosystem Buzz

NEAR prices saw a modest uptick following the news, as community members and investors welcomed what they see as a validation of NEAR’s long-term potential. Social media lit up with speculation that other asset managers might soon follow suit with filings for Solana, Avalanche, or other Layer-1s.

“If approved, the NEAR ETF would be a game-changer,” said a crypto markets analyst at Galaxy Digital. “It would offer exposure to one of the most technically sound ecosystems in crypto—through a regulated, institutional-grade product.”

While the SEC review process may take months, Bitwise’s filing has already set the stage for a new wave of altcoin ETF proposals. If the NEAR Trust gains approval, it could open the floodgates for broader institutional access to the rapidly evolving world of smart contract platforms.

For now, all eyes remain on Washington—but for NEAR and its supporters, Bitwise just brought the protocol one step closer to Wall Street.