Bitwise has registered a trust in Delaware to launch NEAR's first ETF, paving the way for greater institutional exposure to the blockchain ecosystem.
NEAR, currently the 32nd largest cryptocurrency by market cap, is gaining momentum on Wall Street amid a more favorable regulatory environment for cryptocurrencies in the United States.
With this new listing, Bitwise seeks to facilitate institutional investment in the blockchain ecosystem and pave the way for interested institutional investors to access NEAR in a regulated manner.
BUY NEAR PROTOCOL HEREThe cryptocurrency, which describes itself as "the blockchain for artificial intelligence," has seen significant growth since the introduction of this exchange-traded fund, rising more than 5% and reaching a market capitalization of $3.180 billion, ranking #32 among the most valuable cryptocurrencies in the crypto ecosystem.
NEAR Protocol in Wall Street's sights
NEAR Protocol, considered one of the most innovative networks and cryptocurrencies on the market, has caught the attention of Bitwise, which is looking to offer an ETF that replicates the token's performance. Registering the trust in Delaware is a necessary preliminary step before submitting a formal application to the SEC for approval of the spot ETF. If approved, this would be the first spot ETF focused specifically on NEAR available to U.S. investors.
Bitwise's decision comes amid growing interest in cryptocurrencies in general. Furthermore, NEAR promotes itself as a blockchain designed for artificial intelligence, a segment that has also gained traction in recent months.
According to experts, investors are increasingly interested in diversifying their crypto assets, and the intersection of blockchain technology and AI offered by NEAR appears to be a good opportunity, given the high growth potential of both technology sectors.
ENTER CRYPTO TODAYFurthermore, the record The launch of this exchange-traded fund comes at a time when the crypto community is closely monitoring the regulatory landscape for digital assets in the United States, which is showing signs of significant changes. The SEC is currently evaluating numerous ETF proposals related to digital assets, primarily altcoins and memecoins, further reflecting the shift in regulatory sentiment toward these types of financial products.
If approved, a NEAR ETF could bring greater legitimacy and visibility to the project, as well as facilitate the inflow of institutional capital.
The US regulatory environment for altcoin ETFs
Bitwise's quest to launch a NEAR ETF comes at a time when the regulatory landscape for cryptocurrencies in the United States is evolving. The SEC, under the leadership of Acting Chairman Mark Uyeda, has been evaluating various crypto-related ETF proposals, shifting away from its traditionally cautious approach and suggesting a potential shift in attitude toward broader cryptocurrency innovation.
While it's important to note that approval of a NEAR ETF is not guaranteed, now, under the leadership of Paul Atkins, who formally took office as chairman this week, the SEC could greenlight the listing of several of the funds it is currently evaluating.
TRADE WITH NEAR ON BIT2MEWhile the agency has recently delayed altcoin ETF proposals such as Polkadot and Hedera, as well as applications for the inclusion of staking in Ethereum exchange-traded funds, these decisions are believed to be related to the delays in Atkins's assumption of the presidency. However, now that he has formally begun his term at the SEC and has committed to regulating the cryptoasset industry with a principles-based approach, greater clarity is expected for the market.
What is Near Protocol?
NEAR Protocol is a blockchain designed to facilitate the development of decentralized applications (dApps) and promote the adoption of Web3.
This blockchain is distinguished by its focus on usability, scalability and sustainability, using a sharding technology called «Nightshade» to process transactions efficiently. Last year, it launched NEAR AI to address the need to democratize access to cutting-edge AI through a decentralized, open-source platform.
At its core, NEAR aims to provide a user-friendly experience for both developers and users, simplifying the creation and use of blockchain applications.
Certificate
Cryptocurrency Technical Analysis Course
Medium levelIn this training we have Iván González, a professional expert in investments and cryptocurrencies, to teach you how the market works and how prices affect the behavior of investors.
Following Bitwise's trust registration for a potential ETF focused on this cryptocurrency, NEAR's price surged, driven by the optimism the news generated in the market, as an ETF would facilitate institutional investment in NEAR, increasing its visibility and legitimacy. This price increase reflects the expectation of increased demand and adoption of the protocol, driven by the potential access to new investors through a regulated financial product.
Investing in cryptoassets is not fully regulated, may not be suitable for retail investors due to high volatility and there is a risk of losing all invested amounts.
