Bitwise has recently submitted an application for a NEAR Exchange-Traded Fund (ETF), marking the first of its kind in the United States. Over the past few weeks, the company has been working on launching various alternative cryptocurrency ETFs tied to DOGE, APT, and other assets.

In 2025, NEAR has been relatively quiet in the crypto space, but Bitwise's move to introduce a NEAR ETF could generate more interest in the project.

Among a plethora of ETF applications awaiting approval in the US, Bitwise is leading the charge with diverse proposals. Alongside conventional offerings such as an XRP ETF and a combined BTC/ETH product, Bitwise is venturing into unconventional territories.

The recent addition to their lineup is a NEAR-based ETF application, which, at the moment, lacks detailed information as it is in the early stages. Further disclosure by Bitwise or the Securities and Exchange Commission (SEC) might clarify the workings of the ETF.

NEAR is a Proof-of-Stake Layer 1 blockchain designed for decentralized application (dApp) development. Initially launched towards the end of 2020, NEAR employs sub-chains with independent validators to enhance transaction processing efficiency.

Although NEAR gained attention towards the end of the previous year, its presence in 2025 has been relatively modest. With Bitwise's intent to create a NEAR ETF, the asset has experienced a recent price surge, recovering by over 25% in the past two weeks after a decline in mid-April.

While the spike in NEAR's value is unrelated to Bitwise's filing, the ETF initiative could potentially provide momentum to the asset's performance. Bitwise's strategy includes introducing a variety of unique ETFs, and if the NEAR ETF is approved, it could face a competitive market with a proliferation of altcoin ETFs, potentially impacting returns.