Bitwise Asset Management has submitted an amended S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed exchange-traded fund tied to the NEAR Protocol token. The fund is slated to list on NYSE Arca, and the latest filing discloses the ticker symbol and other operational details for the first time.
The S-1 Amendment
The updated filing, made public this week, provides a clearer picture of how the Bitwise NEAR ETF would function. The issuer specified the ticker under which shares would trade, though the exact symbol was not immediately highlighted in the announcement. Other key details in the amendment include the trust structure, custody arrangements, and the methodology for valuing the underlying NEAR tokens. The fund is designed to track the price of NEAR, the native asset of the NEAR Protocol blockchain, which focuses on developer-friendly smart contracts and scalability.
Market Reaction
NEAR’s price climbed following the filing update, reflecting broader optimism around the ETF’s potential approval. The token gained roughly 5% in the 24 hours after the news broke, according to market data. Investors have been watching the SEC’s stance on crypto ETFs beyond Bitcoin and Ethereum, and a NEAR product would mark a significant expansion into altcoin-based funds. The price move also coincided with other positive developments in the NEAR ecosystem, including network upgrades and partnership announcements.
Regulatory Path
The SEC has not yet approved any spot ETF for a cryptocurrency other than Bitcoin and Ethereum. The Bitwise NEAR ETF faces a standard review process under the Securities Exchange Act of 1934. The agency will evaluate the filing for completeness and may request further amendments. No public comment period or decision deadline has been set. The SEC’s recent approval of several Bitcoin ETFs and the pending decisions on Ethereum products have set a precedent, but each asset is assessed on its own market and surveillance characteristics.
What’s Next
Bitwise must now wait for the SEC to declare the filing effective or to issue comments. The company has not provided a target launch date. The next milestone will be any formal acknowledgment from the SEC, which could come in weeks or months. For now, the ticker and structure are public, and the market is watching for the next step in the regulatory timeline.
