Crypto's Latest Move: Bitwise's NEAR Protocol ETF
The Gist
Seeking Authorization for Potential ETF: Bitwise Proposes Solana, XRP, Dogecoin, and Other Crypto Assets
Bitwise, a cryptocurrency asset manager, has taken a leap towards a new crypto ETF, focusing on Near Protocol. If approved, this fund will offer investors a chance to dive into the NEAR token's waters.
The Fine Print
According to a recent filing in Delaware, Bitwise is preparing the groundwork for a NEAR ETF. However, the ball's in the Securities and Exchange Commission's court yet - Bitwise still needs to file the necessary paperwork for the official kickoff of the approval process.
Near Protocol is a blockchain platform popular among developers for creating cryptified apps, particularly those with AI leanings. Its native coin, NEAR, holds the 41st spot in the crypto market cap race.
In the crypto world, this isn't a one-off event. With the success of Bitcoin and Ethereum ETFs last year, fund managers are floating dozens of altcoin ETF proposals. Under the new crypto-friendly SEC, headed by President Donald Trump, they're feeling more optimistic, hence the surge in applications for Solana, XRP, Dogecoin ETFs, and even quirky investments like those based on Pudgy Penguins, TRUMP, and BONK.
The Backstory
Near Protocol's token is currently valued at around $3.14 billion[2]. It's eyeing the same space as Ethereum and Solana, making it a significant player. However, it's still lagging behind in the spotlight compared to its competitors in the crypto world[4][5].
This move could be a game-changer for NEAR if the ETF gets the green light from the SEC. It's expected to bolster institutional interest in the NEAR token[3][5]. But the NEAR ETF will face stiff competition from other altcoin ETFs, especially those with already established futures markets[3].
[1] - https://www.bloomberg.com/news/articles/2022-02-16/bitwise-files-for-near-protocol-crypto-etf-as-asset-managers-rush-in[2] - https://www.coingecko.com/en/coins/near[3] - https://www.coindesk.com/policy/2022/02/17/bitwise-files-for-near-protocol-crypto-etf-as-asset-managers-rush-in[4] - https://www.coindesk.com/markets/2022/02/16/near-protocol-rises-on-bitwise-crypto-fund-filing-news-leading-crypto-gainers[5] - https://cointelegraph.com/news/bitwise-seeks-to-launch-a-near-protocol-crypto-etf
- Bitwise, a cryptocurrency asset manager, has proposed a new ETF focusing on Near Protocol's NEAR token.
- If approved, the NEAR ETF will allow investors to invest in the NEAR token, which is currently valued at around $3.14 billion.
- Near Protocol is a blockchain platform popular among developers for creating cryptified apps, particularly those with AI leanings.
- The SEC still needs to approve the NEAR ETF, as Bitwise needs to file the necessary paperwork.
- This isn't the first time a cryptocurrency ETF proposal has been made; last year, Bitcoin and Ethereum ETFs were approved.
- The crypto-friendly SEC, headed by President Donald Trump, is reviewing dozens of altcoin ETF proposals, including those for Solana, XRP, Dogecoin, and even unique investments like those based on Pudgy Penguins, TRUMP, and BONK.
- Near Protocol is aiming to compete with Ethereum and Solana in the same space.
- If the NEAR ETF gets the green light from the SEC, it is expected to bolster institutional interest in the NEAR token.
- However, the NEAR ETF will face stiff competition from other altcoin ETFs, especially those with already established futures markets.
- Investing in the latest finance technology, such as cryptocurrencies and ETFs, requires a thoughtful process and understanding of tokenomics, blockchain, and the crypto market.
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