Briefly
- Bitwise has filed paperwork in Delaware for a brand new crypto ETF based mostly across the token of Near Protocol.
- Near Protocol is the Forty first-biggest cryptocurrency by market cap.
- Asset managers have filed for dozens of altcoin ETFs in latest months.
One other day, one other crypto ETF submitting. This time, a crypto asset supervisor is attempting its luck with a fund that, if authorized, would give traders publicity to Near Protocol.
A Thursday submitting within the State of Delaware shows that paperwork to launch a NEAR ETF has been filed by Bitwise.
Submitting with the State of Delaware is step one in getting such a product authorized. The asset supervisor nonetheless has to file with the Securities and Alternate Fee to get the method formally transferring.
Near Protocol is a blockchain utilized by builders for constructing crypto-powered apps, with a specific concentrate on AI purposes. It goals to compete with Ethereum and Solana, and its native coin, NEAR, is the Forty first-biggest digital coin by market cap.
Bitwise didn’t instantly reply to Decrypt’s questions. NEAR is up over 3% on the day to a present worth of $2.61, per knowledge from CoinGecko.
The submitting is the most recent in a long list of purposes from asset managers hoping to get the inexperienced gentle for brand new crypto merchandise, following the success of the Bitcoin and Ethereum ETFs authorized final 12 months.
And a brand new, crypto-friendly SEC below Republican President Donald Trump—who took workplace in January—has fund managers feeling extra optimistic.
Consequently, the likes of Grayscale and Bitwise are attempting to get Solana, XRP, and Dogecoin ETFs authorized. Smaller asset managers are even attempting their luck with every part from Pudgy Penguins to TRUMP and BONK funding automobiles.
Edited by Andrew Hayward
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