Bitwise Files for First NEAR ETF in the U.S. Amid Ongoing Altcoin ETF Push

• Bitwise is on the verge of filing the first ever Exchange Traded Fund application for NEAR with the US Securities and Exchange Commission (SEC) after its earlier registration with the State of Delaware. 
• The price of NEAR has since surged by 25% as investors anticipate massive inflows and demand. 

NEAR joins the ongoing Exchange Traded Fund (ETF) craze in the US as Bitwise files a related application with the State of Delaware. As indicated in our previous news brief, the registration was done on April 24, with a fund name – Bitwise NEAR ETF.

While the details are inadequate, our research shows that a subsequent application has to be made with the US Securities and Exchange Commission (SEC) to commence the official process. Just like several asset managers, Bitwise is also working simultaneously to get the approval of multiple ETFs for Solana (SOL), XRP, and Dogecoin (DOGE).

Near Protocol exists as a layer 1 blockchain designed for the development of Decentralized Applications. It is reported to represent a high-throughput and low-cost alternative to Ethereum. NEAR is the native token that operates as a utility asset for the support of the proof-of-stake consensus mechanism.

Currently, NEAR ranks as the 32nd largest crypto with a market cap of $3.17 billion. Following its ETF filing, the asset has surged by 1% in the last 24 hours and 25% in the last seven days. According to our market data, the asset has a trading volume of $184 million,  making up 0.10% of the total market share.

Explaining the reasons behind this sudden upside, analysts highlighted the role of a recent partnership agreement coupled with the ETF announcement. Recently, Near sealed a strategic partnership with VC investment firm DWF Labs to advance the segment of Artificial Intelligence (AI) agents in Web3.

With this, the Managing Partner of DWF Labs, Andrei Grachev, has highlighted that the collaboration would significantly shape the future of autonomous technologies.

At DWF Labs, we believe in empowering builders who are shaping the future of autonomous technologies. The NEAR Protocol stands out as a leader in enabling verifiably decentralised AI agents, offering a robust ecosystem and resources for developers. By partnering with builders on NEAR, we are excited to support teams at the forefront of AI innovation, helping them bring these solutions to market and redefine what’s possible in blockchain-powered AI.

Ongoing Race for ETF Approval Among Altcoins

72 ETFs are currently awaiting decisions on different dates, with Bitwise’s XRP ETF expected to receive approval on October 18, as highlighted in our previous article.

Prior to this, Bloomberg analyst Eric Balchunas disclosed that altcoin ETF products have a good chance of approval this year. According to him, DOGE ETF has 75% approval odds, SOL ETF has 70% odds, and XRP has 65% odds. In all, Litecoin leads the probability with 90% odds.

In a recent update, CNF also pointed out that XRP has gained a massive edge over other assets with 10 ETF filings coupled with legal clarity.