Bitwise Enters the Altcoin ETF Race with NEAR Filing

Bitwise Asset Management has filed for a spot exchange-traded fund (ETF) that would track the price of NEAR, the native token of the Near Protocol. This move positions Bitwise as a contender in the increasingly competitive race to offer altcoin ETFs to U.S. investors.

Expanding Beyond Bitcoin and Ethereum

While the market has seen significant interest in Bitcoin and Ethereum ETFs, Bitwise's filing signals a growing appetite for investment vehicles tied to other prominent cryptocurrencies. This expansion reflects the increasing maturity of the digital asset market.

NEAR Protocol's Growing Ecosystem

The Near Protocol is a layer-one blockchain platform that has been gaining traction for its developer-friendly environment and scalable infrastructure. A spot ETF could provide traditional investors with easier access to NEAR and further fuel the growth of its ecosystem.

Competition in the Altcoin ETF Space

Bitwise's application adds to the growing list of asset managers seeking to launch altcoin ETFs. As regulatory clarity evolves, the competition to provide these investment products is expected to intensify, offering investors a wider range of choices.