Bitwise has officially filed an S-1 form to launch a spot exchange-traded fund that will track the performance of NEAR Protocol (NEAR).
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The trust will offer direct exposure to the 33rd biggest cryptocurrency by market cap.
The recent development does not come as a surprise, given that the firm filed paperwork in Delaware for the product last month.
The NEAR price is down 1.12% over the past 24 hours, according to CoinMarketCap data.
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NEAR is the latest cryptocurrency to join the spot ETF race in the U.S. There are existing filings for a slew of other tokens, with XRP and Solana (SOL) currently being in the lead.
Vladislav Sopov