Bitwise Asset Management has requested a place in the ETF area from the United States Securities and Exchange Commission.
According to a form S-1 of 6 May submitThe proposed bitwise near ETF is designed to give investors direct exposure to the price of the nearby token by keeping actual in the vicinity of tokens in custody.
Nearly, native token of the nearby protocol, a low-1 blockchain is known for its high transit and energy-efficient proof-of-stake consensus mechanism. Originally launched in 2020, nearby was developed to tackle the blockchain trilemma of scalability, safety and decentralization through techniques such as Nightshade Sharding.
The BitWise fund would follow the CF benchmark near the dollar, calculated by CF benchmarks and Coinbase Custody Trust Company as a custody.
The ETF is structured as a Delaware Legal Trust and will issue shares that represent a fractional ownership of the nearby tokens it entails. Bitwise registered A legal confidence in Delaware connected to the near ETF on 28 April.
BitWise will not use derivatives or active trade strategies and will handle the creation and repayment of shares in cash, with repayments and purchases carried out by authorized financial participants.
In order to move forward the ETF, Bitwise must also submit a 19B-4 form, which formally initiates the assessment process of the SEC. The submission does not yet include the Ticker of the ETF or the exchange that wants to mention it.
After the news about the submission was broken, almost 5.7%emerged. At the time of the press it had lost part of the profit and 1.6% had fallen at $ 2.29.
The near ETF of Bitwise joins a growing list of Altcoin-based ETF applications that were submitted in 2025. Other hanging files include ETFs for Solana (SOL), Cardano (ADA), Chainlink (link), Dogecoin (Doge), Hedera (Hbar) and Avalanche (Avale), among others.
In the meantime, BitWise has applied for doge and sol ETFs and is currently managing Spot Bitcoin and Ether ETFs mentioned on NYSE Arca, who have put together more than $ 2.3 billion in inflow since the launch.
The flood of new applications comes when the SEC continues to postpone decisions about various proposed ETFs. Last month the committee extended the Deadlines of the review for Bitcoin and Ethereum ETFs from Bitwise, a separate product that offers exposure to both assets, as well as Hedera ETF from Canary Capital, who pushed decisions to June.
Grayscale’s request to convert his Polkadot Trust into a litecoin ETF entering an ETF and Canary have also been pushed back.
Regarding the Litecoin ETF of Canary, the committee said it wants to know whether the Litecoin ETF is “creating new or new concerns that were not considered by the committee before.”
In related news, crypto-friendly Paul Atkins Gary Gary Gary recently replaced as President, who hope for a more open attitude due to digital asset products. However, the agency does not yet have to provide major approvals under his term of office.
