Bitwise Proposes NEAR ETF to Broaden Altcoin Access
- Bitwise files for NEAR ETF backed by Coinbase security.
- Potential institutional interest suggested by BTC and ETH ETF history.
- Regulatory process underway with SEC review pending.
Bitwise Asset Management has filed a proposal for a NEAR ETF, naming Coinbase Custody Trust Company as the custodian.
The move seeks to expand investor access to altcoins, reflecting growing interest in regulated crypto products.
Bitwise Files NEAR ETF to Expand Altcoin Reach
Bitwise Asset Management has taken a notable step in broadening access to altcoins by filing for a NEAR ETF. The firm has a history of pioneering crypto investment products, including Bitcoin and Ether ETFs.
The ETF proposal lists Coinbase Custody Trust Company for custody, reinforcing institutional-grade asset security. This filing follows Bitwise’s strategy to leverage its experience in managing regulated digital asset products.
NEAR ETF Sparks Tentative Market Anticipation
The immediate market response remains tentative, pending SEC approval. The NEAR ETF could generate market enthusiasm similar to Bitwise’s Bitcoin and Ether ETFs, which saw substantial institutional flows.
This development highlights the ongoing demand from investors for regulated altcoin exposure. There is growing interest in regulated crypto investment options amid increasing acceptance of digital assets.
Historical ETF Success Points to Increased Altcoin Demand
Bitwise’s previous ETF launches have demonstrated similar trends, as witnessed with their Bitcoin and Ether products, which attracted billions in investment. These historical precedents emphasize potential capital inflow.
The future of the NEAR ETF rests on SEC regulatory decisions. Given past altcoin ETF filings, this proposal could see favorable outcomes, contributing to increased altcoin market presence.
Hunter Horsley, CEO, Bitwise Asset Management, commented on the significance of their filing: “Our continued commitment to innovate within regulated crypto investment reflects the growing demand for products that meet institutional standards.” – Source
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