- Bitwise registered a NEAR Trust in the state of Delaware on Thursday.
- The fund registration is among the initial steps in launching a crypto ETF.
- NEAR is up over 4% following the announcement.
NEAR is up 4% on Friday after asset manager Bitwise registered a NEAR Trust in Delaware, indicating it's likely to file an ETF (exchange-traded fund) for the cryptocurrency.
NEAR record gains as Bitwise registers NEAR Trust in Delaware
The filing — which was made on Thursday — marks a crucial step before a firm submits an application for an ETF with the Securities & Exchange Commission (SEC).
While Bitwise has not yet applied for a NEAR ETF with the SEC, similar actions preceded its previous XRP and Aptos ETF filings.
The ETF will aim to track the Layer-1 network token NEAR, offering investors exposure to the cryptocurrency's price. This comes at a time when firms are looking to launch more US-listed crypto products to offer institutional exposure to digital assets.
Bitwise still anticipates an SEC decision on other crypto ETFs submitted since last year, including a Solana (SOL) ETF, XRP ETF and DOGE ETF.
In January, the SEC fast-tracked the firm's combined Bitcoin and Ethereum fund in an accelerated approval. However, the agency stated on Thursday that it would postpone its final decision on the product, stating that it would need extra time to reach a conclusion.
Other asset managers whose applications were delayed include Canary Capital with the HBAR ETF and Grayscale's filing to convert the Polkadot Trust into an ETF. The SEC stated that it is postponing its decisions until June 10 and 11, respectively.
SEC Chair Paul Atkins is expected to help accelerate the agency's decisions on crypto ETFs and provide proper digital asset regulations. Atkins spoke at the latest SEC crypto roundtable on Friday, reemphasizing his commitment to crypto regulations.
"I look forward to engaging with market participants and working with colleagues in President Trump's administration and Congress to establish a rational fit for purpose framework for crypto assets," said Atkins at the event.
NEAR is up 4% following the filing, stretching its weekly gains to 26%.
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