New Move from Bitwise: They Filed for a Spot ETF for This Altcoin! - Coin Bulletin

Bitwise aims to provide investors access to the NEAR token through traditional brokerage firms by applying for a spot ETF for the native token of the NEAR protocol with the SEC.

Cryptocurrency market, known for ETF products, digital asset management company Bitwise has drawn attention by taking a new step. The company submitted an S-1 registration statement to the U.S. Securities and Exchange Commission for a spot ETF that will track the NEAR token. This application came after the company's application for the Bitwise NEAR ETF in Delaware about two weeks ago, and this initial application was seen as a preliminary step towards launching an ETF.

According to the S-1 application, the planned Bitwise NEAR ETF will track the value of NEAR tokens held by the trust, after deducting operating expenses and liabilities. This structure will provide investors with the opportunity to invest in NEAR tokens without directly purchasing the digital asset, similar to how Bitwise's spot Bitcoin ETF, BITB, provides investors access to Bitcoin.

In addition to this move by Bitwise, companies are offering proposals to establish ETFs that track various digital assets such as DOGE, PENGU, SEI, and TRX. According to previous reports from The Block, an increase in spot ETF applications has been observed in the cryptocurrency market.