Bitwise Asset Management has officially filed to create a “Bitwise NEAR ETF,” taking its first step toward launching an exchange-traded fund tracking the NEAR Protocol. The filing, made Thursday with Delaware’s corporate registry, marks a pivotal move as the firm positions itself to capitalize on the growing wave of crypto-focused investment products.
Hunter Horsley, CEO and co-founder of Bitwise, confirmed the filing, signaling Bitwise’s intent to expand its ETF offerings amid a more favorable regulatory environment under the Trump administration.
NEAR Protocol, the underlying asset for the proposed ETF, is currently ranked as the 43rd-largest cryptocurrency by market capitalization. The token has seen modest gains recently, trading slightly above $2.60.
The move reflects Bitwise’s growing confidence that the U.S. Securities and Exchange Commission (SEC), now under leadership viewed as more crypto-friendly, may soon approve a broader range of digital asset ETFs beyond Bitcoin and Ethereum. As institutional interest in diverse crypto assets continues to build, Bitwise appears to be positioning itself early to meet future demand.
Bitwise Expands Crypto ETF Ambitions as SEC Softens Under Trump Administration
Bitwise Asset Management isn’t stopping at NEAR. The firm has previously filed in Delaware for ETFs tracking a range of cryptocurrencies, including Dogecoin, Aptos, and XRP. Many of these filings have since progressed to formal registration statements with the SEC and are currently awaiting potential approval to begin trading.
Bitwise is part of a growing wave of asset managers eager to capitalize on a more crypto-friendly regulatory climate. Since President Donald Trump assumed office in January, the SEC has notably eased its stance toward the digital asset sector—dropping several enforcement actions against crypto firms and organizing public roundtables to foster dialogue around industry regulation.
This marks a stark contrast to the previous administration. Under former SEC Chair Gary Gensler, the agency approved the first spot Bitcoin ETFs in January 2024 and later greenlit spot Ethereum ETFs by July of that year, following a decisive court ruling in favor of Grayscale.
Today, the SEC is actively considering dozens of new crypto ETF proposals, ranging from Solana to XRP to Dogecoin. For Bitwise and its peers, the shifting regulatory tide presents an unprecedented opportunity to expand the scope of accessible crypto investment products for mainstream investors.
AI-Driven Crypto Market Gains Momentum
The filing for a NEAR ETF also aligns with a broader trend of increased interest in AI-focused cryptocurrencies. Over the past two weeks, the market capitalization of AI-related crypto tokens has risen by more than one-third, reaching $32 billion. NEAR itself has experienced a 27% gain over the past week, reflecting growing investor enthusiasm for blockchain platforms that support artificial intelligence applications.
The intersection of AI and blockchain is emerging as a major narrative in the digital asset space, offering new growth opportunities for both investors and developers looking to tap into the next generation of decentralized technologies.
Quick Facts
- Bitwise registered the “Bitwise NEAR ETF” in Delaware on April 24, indicating plans to launch a NEAR Protocol-focused ETF.
- The NEAR Protocol is recognized for its scalability and developer-friendly features, positioning itself as a blockchain platform for AI applications.
- The SEC’s regulatory approach to cryptocurrency ETFs appears to be evolving under the Trump administration, with several new proposals under review.
- AI-driven cryptocurrencies, including NEAR, have seen significant market gains recently, highlighting increased investor interest in this sector.
