NEAR Price Hints Breakout As Bitwise Registers Near Protocol ETF

Asset manager Bitwise has moved to register a Near Protocol ETF in Delaware, a move that signals the firm’s intention to file for a NEAR ETF with the US Securities and Exchange Commission (SEC). The NEAR price is looking to break out following this development, with the altcoin already up on the day.

NEAR Price Eyes Breakout As Bitwise Registers ETF In Delaware

The NEAR price is eyeing a breakout as Bitwise looks to offer a Near Protocol ETF. State of Delaware data shows that Bitwise has registered a Near ETF with the Division of Corporations. The asset manager incorporated this fund on April 24 under the entity name ‘BITWISE NEAR ETF.’

This move is significant as it is usually the first step towards filing to offer a spot ETF with the US SEC. As such, the asset manager is likely to file the S-1 and 19b-4 forms for this Near ETF with the regulator next.

These filings will officially kickstart the process for the SEC to either deny or approve the fund. This ETF will provide institutional access to the Near Protocol ecosystem, which is bullish for the NEAR price as more capital flows into the altcoin.

Meanwhile, Bitwise has already filed for Solana, XRP, Dogecoin, and Aptos ETFs with the Commission, as it looks to expand its offerings beyond the Bitcoin and Ethereum ETFs. As CoinGape reported, the XRP and Solana ETFs are currently leading the race for a potential approval from the SEC. Both altcoins currently have futures markets, which puts them ahead of other altcoins.

However, the SEC has shown it is in no hurry to approve any of these ETFs, despite its more friendly stance towards the crypto industry under the new administration. The Commission recently delayed its decision on Grayscale’s Polkadot ETF filing.

While it remains unclear when Bitwise would file for the Near Protocol ETF with the SEC, this move is undoubtedly bullish for the NEAR price, which has already surged following the revelation of the Delaware registration.