Bitwise has officially filed for a NEAR Protocol ETF, marking a new chapter for institutional investment in digital assets. This filing signals a growing wave of interest in alternative cryptocurrencies, or “altcoins,” and showcases how the landscape of crypto ETFs is expanding rapidly.

What is Bitwise’s NEAR ETF and Why Does it Matter?

The proposed NEAR ETF aims to track the performance of the NEAR Protocol (NEAR), a blockchain platform known for its innovative approach to scalability, security, and decentralization. If approved by the U.S. Securities and Exchange Commission (SEC), this fund would allow institutional investors to gain regulated access to NEAR’s market performance without directly purchasing the cryptocurrency itself.

This move by Bitwise comes as part of a broader push to introduce more crypto ETFs, a category of investment vehicles that has seen an influx of proposals in 2025. The growing number of ETF filings reflects increasing institutional interest in cryptocurrencies, which have often been viewed as volatile and high-risk investments. By creating a regulated investment vehicle, Bitwise and other firms aim to make it easier for traditional investors to tap into the potential of the crypto market.

Bitwise’s Strategy and the Growing Crypto ETF Market

Bitwise has been a significant player in the cryptocurrency space, known for its expertise in offering products tied to popular digital assets. This new filing for a NEAR Protocol ETF follows several other filings for funds focused on major cryptocurrencies like Solana (SOL), Dogecoin (DOGE), and Ripple (XRP). In addition to its latest NEAR filing, Bitwise also manages spot Bitcoin (BTC) and Ethereum (ETH) funds listed on the NYSE Arca, which have collectively garnered $2.35 billion in inflows since their introduction.

The NEAR Protocol ETF filing is notable not only because of its focus on NEAR but also because it follows the company’s previous registration of the fund in Delaware. This suggests that Bitwise is moving forward with its plans to create a crypto ETF marketplace that is both diverse and robust.

As part of the filing process, Bitwise is expected to submit a 19b-4 form through an exchange, which will trigger the formal approval process with the SEC. This filing is expected to start the clock on what could be a lengthy but pivotal process to gain approval for the ETF. Once the SEC grants approval, the NEAR Protocol ETF would allow investors to trade NEAR just as they would any other publicly traded stock, adding to the growing array of crypto ETFs on the market.

Institutional Interest and What It Means for NEAR’s Future

The timing of Bitwise’s NEAR ETF filing is significant. As the crypto market matures, more institutional investors are looking for ways to gain exposure to digital assets without navigating the complexities of buying and storing the cryptocurrencies themselves. Crypto ETFs offer a more familiar, regulated avenue for investors, allowing them to add crypto exposure to their portfolios with fewer regulatory hurdles.

For NEAR Protocol, the potential approval of the ETF is an opportunity to gain greater visibility in the market. The increased institutional interest could drive higher demand for NEAR tokens, which would likely push the price of the asset upward. However, despite the anticipation surrounding the filing, NEAR’s current market price sits at just $2.30, with a slight dip of 0.90% over the past 24 hours, according to CoinMarketCap. While the short-term price action remains relatively muted, the long-term outlook for NEAR is promising.

NEAR Protocol’s Long-Term Vision: A Competitor to Ethereum?

Once considered a potential rival to Ethereum, NEAR Protocol has carved out its niche in the blockchain space with its focus on solving the scalability trilemma — a challenge that many blockchain projects, including Ethereum, face when trying to balance decentralization, security, and scalability. By developing a highly scalable platform that can process transactions more quickly and at lower costs than Ethereum, NEAR is positioning itself as a viable alternative for developers seeking efficient blockchain solutions.

Despite its relatively modest market capitalization compared to Ethereum, NEAR has gained a loyal following within the crypto development community. With its innovative technology and strong ecosystem of developers, NEAR has the potential to grow significantly over the coming years.

Additionally, regulatory shifts in the U.S. could create a more favorable environment for platforms like NEAR. The SEC has been making gradual moves toward clearer crypto regulations under the leadership of Paul Atkins, signaling that the regulatory landscape may become more predictable for crypto projects in the future.

What’s Next for NEAR and Crypto ETFs?

As the SEC’s 2025 docket now includes over a dozen spot crypto ETF proposals, the future of crypto ETFs looks promising. The SEC’s growing openness to these products, coupled with the increasing institutional interest in crypto, could signal a turning point for the digital asset space.

However, approval of these products is far from guaranteed. Each proposal must go through a rigorous approval process, and the SEC has shown caution in its approach to crypto-related financial products. Still, the influx of filings and growing regulatory clarity suggest that the market may be moving toward greater acceptance of crypto ETFs.

For NEAR, the filing by Bitwise is an important step in gaining broader recognition and acceptance. If the NEAR ETF is approved, it could significantly impact the price and popularity of NEAR, particularly among institutional investors who have been hesitant to directly engage with cryptocurrencies due to regulatory concerns.

Conclusion: A Bright Future for Crypto ETFs

Bitwise’s filing for a NEAR Protocol ETF is a clear indication that the world of cryptocurrency is rapidly evolving. With institutional investors showing increased interest in altcoins, ETFs like the one proposed by Bitwise will play an important role in making crypto investments more accessible and regulated.

While NEAR’s current price might not reflect the full potential of the asset, the future looks bright as regulatory clarity increases and institutional adoption of digital assets continues to grow. For investors looking to diversify their portfolios with exposure to emerging blockchain technologies, the NEAR ETF could represent a promising opportunity in the near future.