TL;DR
- Bitwise has registered an ETF for the NEAR protocol in Delaware, a key step in its goal of offering financial products for the crypto industry.
- The SEC is showing a more favorable stance toward cryptocurrencies under Donald Trump’s administration, which could ease the approval of future crypto funds.
- NEAR’s price has climbed over 3.5% in the last 24 hours and nearly 27% over the week, driven by expectations of greater institutional involvement in its ecosystem.
Bitwise has registered an ETF (exchange-traded fund) for the NEAR protocol in Delaware, a highly important step in its objective of offering financial products related to the crypto industry.
The move takes place in a context where the United States SEC is adopting an increasingly favorable stance toward cryptocurrencies. Under Donald Trump’s administration, the regulatory body has shown greater openness to fair regulation of the crypto market.
Bitwise Seeks to Attract Institutional Investors
The ETF, named “Bitwise Near ETF,” is just the start of what could become a longer process, as the firm plans to file the necessary forms with the SEC. Registering in Delaware is a common step before formally submitting the application to the U.S. regulatory body. Approval of this ETF would allow institutional investors to access NEAR, which could boost the token’s liquidity and increase interest in its ecosystem.
NEAR Rallies
The news of this registration has had a direct impact on NEAR’s price, which has risen over 3.5% in the last 24 hours. Notably, it has accumulated a nearly 27% increase over the week, reaching a value of $2.62 per unit. The market has shown high expectations for the potential approval of financial products enabling broader investor participation. The NEAR ETF would join a series of other funds Bitwise has attempted to launch for cryptocurrencies like Solana, XRP, Dogecoin, and Aptos.
The SEC’s stance has been crucial. Since Trump took office, the agency has adopted a friendlier approach toward the crypto industry, dismissing several lawsuits against companies in the sector and clearing the path for other cryptocurrency funds to be approved. It’s worth noting, however, that the SEC has not shown urgency in approving these products.
Bitwise hopes NEAR will capture greater attention from institutional investors, which could positively impact its valuation and market consolidation. Meanwhile, other crypto funds continue waiting for the SEC’s decision.
