Bitwise introduces first U.S. spot ETF tracking NEAR token amid price surge

Bitwise has launched the first U.S. spot exchange-traded fund holding the NEAR token directly, providing retail investors access through standard brokerage accounts without requiring direct custody. The fund structure holds underlying NEAR tokens with custodial arrangements to store assets on behalf of shareholders and uses an authorized participant mechanism to maintain price alignment with holdings. The NEAR token has appreciated nearly threefold since August, driven by rising interest in layer-one blockchains, network developments, and inflows from new investment products.

Bitwise's new ETF represents a significant development in regulated cryptocurrency investment infrastructure. The fund structure employs custodians to hold NEAR tokens on investor behalf while using authorized participants to manage share creation and redemption, a mechanism that helps maintain pricing accuracy relative to underlying asset values. This launch follows a period of substantial appreciation for NEAR, which has benefited from increased institutional and retail attention toward layer-one blockchain networks alongside protocol-specific developments.

The expansion of spot ETF offerings for smaller-capitalization tokens has been constrained by regulatory scrutiny in U.S. markets. This approval suggests evolving regulatory frameworks may be gradually widening investor access to a broader range of digital assets through traditional brokerage channels, moving beyond the limited set of cryptocurrency spot ETFs previously available to American investors seeking mainstream investment vehicles.