Bitwise, a digital asset manager, has filed for a spot Near exchange-traded fund with the US Securities and Exchange Commission (SEC) in a bid to join other altcoins seeking regulatory approval. The Bitwise Near (NEAR) ETF aims to mirror the price movements of the NEAR token, minus expenses, through a traditional brokerage, as per Bitwise’s registration statement on May 6. The proposed custodian for the Bitwise NEAR ETF is Coinbase Custody, but details on management fees, tickers, and stock exchanges are yet to be disclosed. Bitwise will need to submit a 19b-4 filing to the SEC to initiate the approval process for the fund, following the registration of a trust linked to the NEAR ETF in Delaware on April 28. With the SEC reviewing at least a dozen spot crypto ETFs in 2025, including applications for popular cryptocurrencies like Litecoin (LTC), Dogecoin (DOGE), and XRP, Bitwise is already in the game with applications for spot DOGE, SOL, and XRP ETFs. The NEAR token, supporting the Near blockchain, ranks 44th in market cap at $2.73 billion, offering high-speed processing capabilities through Nightshade sharding, with up to 100,000 transactions per second and security from 265 active validators. The Near ecosystem transitioned from decentralized finance to AI infrastructure in 2024, showcasing plans to create the world’s largest open-source large language model. Bitwise’s move into the spot NEAR ETF arena adds another layer of competition in the race for SEC approval amid the growing popularity of altcoins seeking to break into the traditional financial market.