Asset manager Bitwise has made its next move in a bid to offer a NEAR ETF, filing its S-1 form with the US Securities and Exchange Commission (SEC). This development provides a bullish outlook for the Near Protocol price, with institutional investors gaining exposure to the altcoin through this fund.
Bitwise Registers NEAR ETF Filing With US SEC
A SEC filing shows that Bitwise has registered its proposed NEAR ETF with the US SEC. This move is part of the plans to launch a fund that will directly track the value of the Near Protocol price and provide investors with exposure to the altcoin.
This comes following the asset manager’s registration of the Near Protocol ETF in Delaware. Following this filing, the firm will now move to file a 19b-4 form for the ETF with the Commission through an exchange. This will officially kickstart the approval process as the exchange declares its intention to list and trade the fund on its platform.
The Commission already has several filings for other altcoin ETFs on its desk, including ones from Bitwise. Bitwise has already filed for Solana, XRP, Dogecoin, and Aptos ETFs.
However, the SEC has shown it is in no hurry to approve these funds despite the regulatory-friendly environment which the Commission has created under this new administration. The agency has so far delayed its decision on all other crypto ETFs, with the latest being Canary Capital’s Litecoin ETF filing.
The post Breaking: Bitwise Files S-1 For NEAR ETF With US SEC appeared first on CoinGape.
