Bitwise Triggers NEAR Price Rally With New ETF Filing

Renowned investment firm, Bitwise Asset Management, has filed to register a NEAR Exchange Traded Fund (ETF) in Delaware. Notably, this move has triggered a surge in the price of NEAR.

According to market data, the underlying cryptocurrency has increased by more than 5% since the filing was announced.

Modalities of Bitwise NEAR ETF Registration

The filing is currently on the desk of the State of Delaware Division of Corporations. This registration is usually the first step a firm takes when it intends to file an offer to list a spot ETF with the United States Securities and Exchange Commission (SEC).

Hence, the asset manager’s move reflects its intention to apply for the NEAR ETF fund with the securities agency soon. Whenever Bitwise is ready to move forward, it will likely file the S-1 registration with the US SEC. Following this will be a follow-up with the 19b-4 form for the Near ETF.

Markedly, the fund was incorporated in Delaware on April 24 under the entity name ‘BITWISE NEAR ETF.’ Once acknowledged by the SEC, a waiting period will kick in. After this waiting period, the firm will receive either approval or rejection from the Commission regarding the listing proposal.

The improved crypto landscape in the US gives many hope that the SEC will approve most of the spot ETF filings, including XRP, SOL, and NEAR ETFs.

Like other funds, this ETF will expose institutional investors to the price movement of NEAR, the native token of the Near Protocol. This turn of events could mark a bullish twist for the price of NEAR, considering that more capital will flow into the altcoin.

NEAR Protocol Price Outlook and Forecast

NEAR traded at $2.63 at press time, corresponding with a 3.58% price surge within the last 24 hours.

Its market capitalization was green, while its trading volume reflected continued engagement with the NEAR protocol. The trading volume metric recorded a 0.87% 24-hour increase. It was $191.67 million at press time.

In the meantime, it is still uncertain if the asset manager will pursue this fund with the SEC. However, the Bitwise NEAR ETF filing could trigger more price growth and ecosystem improvement for this altcoin.

At the same time, the Near Protocol is known for its high-performance Layer-1 blockchain. It also boasts increased scalability and developer accessibility. With the current outlook and future adoption, NEAR price may be heading towards new local highs.

Crypto ETF Cycle Growing, Which Altcoin is Next?

It is no longer news that asset management firms have indicated interest in offering spot ETFs, tied to the top altcoin. It started with spot Bitcoin ETFs in January 2024, followed by Ethereum ETFs a few months later.

In more recent months, Solana, XRP, Litecoin (LTC), Aptos (APT), and even Dogecoin (DOGE) ETF filings have been submitted to the SEC.

Bitwise is one of the asset managers that have filed crypto-based ETFs. Five months ago, the firm filed to list the Solana ETF with the SEC. At the time, it joined VanEck, 21Shares, and Canary Capital, which had filed their S-1 registration statements earlier.

It has also applied for DOGE, XRP, and APT ETFs. Bitwise took this strategy a step further by launching a crypto ETF collection. This offering includes adding three new actively managed products to its existing portfolio.

Currently, the crypto community anticipates filing more crypto ETFs with the US SEC. This trend could extend to privacy-focused cryptocurrencies like Monero (XMR) and Stellar (XLM).

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