Bitise Asset Management has formally filed its Form S-1 Registration Statement with the US Securities and Exchange Commission (SEC) to launch a fund (ETF) traded at the exchange.
The filing follows Bitwise’s previous move on April 24, 2025. The S-1 marks the natural next step in the process.
Nearby, take part in the Altcoin ETF race with Bitwise Filing
The proposed ETF is intended to track the value of Near, the native token of nearby protocols. This is a Layer-1 blockchain focused on scalability and distributed applications.
The filing did not specify the exact exchange or ticker symbol to use for which the ETF is listed. Coinbase Custody Trust Company, LLC, will serve as custodians. You are responsible for protecting the nearest trust, managing accounts near the trust, and facilitating necessary transfers.
“The Trust’s investment objective is to seek to reduce the value of the near-holding held in the Trust, the management of the Trust and other liabilities. In attempting to achieve its investment goals, the Trust will refer to (settlement price close to CF) (“pricing benchmark”) to establish its net asset value (“NAV”).
In particular, this movement did not affect the price of Near. On past days, cryptocurrency has experienced a slight decline of 0.8%. It was traded at $2.3 at the time of press.
Beincrypto data shows that nearby is the 44th largest cryptocurrency with a market capitalization of $2.8 billion.
Nearby, you’re on Bitwise’s growth list for AltCoin ETF applications. The company already offers ETFs associated with major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). They also seek several more approvals, including Dogecoin (Doge), Solana (Sol), XRP (XRP), and Aptos (APT).
“Bitwise has a big bet on the legitimacy of Altcoin. Wall Street exposure to the L1S is becoming a reality,” the analyst wrote to X.
The surge in filing suggests a broader strategy to expand the portfolio to Altcoins, but the path to SEC approval remains uncertain. The agency recently delayed decisions on several cryptocurrency ETF applications, including those in XRP and DOGE, with deadlines pushed in mid-June 2025.
This pattern of delays is consistent with the SEC’s careful approach to Crypto ETFs beyond Bitcoin and Ethereum, despite the more favorable regulatory environment under the Spot Bitcoin ETFS approved in January 2024 and the Biden administration, which approved Ethereum ETFS in July 2024.
Disclaimer
In compliance with Trust Project guidelines, Beincrypto is committed to reporting without bias and transparent. This news article is intended to provide accurate and timely information. However, we recommend that readers independently verify the facts and consult with experts before making decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
