Bitwise Files for First-Ever Spot NEAR ETF With U.S. SEC

• Bitwise files for its first-ever spot NEAR ETF to bring NEAR token exposure to traditional investors. 
• If the application is approved, NEAR will be more appropriate for those investors who are hesitant about direct blockchain investments.

Bitwise, the world’s first and largest crypto index fund manager, has submitted a Form S-1  application to the US Securities and Exchange Commission for a spot NEAR exchange-traded fund. 

On May 6, the fund manager placed NEAR, a layer-1 blockchain, on the list of cryptocurrencies demanding an ETF approval. The crypto market is now seeking diversified crypto exposure through regulated financial products. 

The target of Bitwise NEAR ETF is to reflect the price movement of the NEAR token and reduce associated costs. It will also focus on providing investors a way to have exposure without directly holding the token. 

As per the registration statement, Coinbase Custody will act as the custodian of the fund, making sure that there is a secure storage of NEAR tokens. At the same time, the information, including the management fee, ticker symbol, and target exchange, is not been revealed yet. 

Surging Demand For ETF Approval 

The ETF will also be made available on traditional brokerages so that mainstream investors can also enjoy leveraging it. Many asset managers have filed for ETFs with the SEC and are waiting for their approval, and Bitwise has also joined the waitlist. 

The waitlist includes other asset managers such as BlackRock and Grayscale. The ETF of Bitwise will take its net asset value from the CF NEAR-Dollar Settlement Price, giving a transparent benchmark for performance. 

The structure of the fund permits creation and redemption processes and ensures liquidity for investors. By providing a regulated vehicle, Bitwise has a target to fill the gap between traditional finance and the growing crypto ecosystem. 

If the application is approved, NEAR will be more appropriate for those investors who are hesitant about direct blockchain investments. Altcoin ETF approval demand is increasing day by day, and NEAR has also contributed to that. 

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