Bitwise Asset Management has formally requested approval from the Securities and Exchange Commission (SEC) for a spot Near cryptocurrency exchange-traded fund (ETF). The filing, detailed in a May 6 Form S-1, would provide investors direct exposure to the NEAR token price through actual holdings at Coinbase Custody Trust Company. Near is the native cryptocurrency of the Near Protocol, a blockchain known for its high transaction speed and energy efficiency thanks to proof-of-stake consensus mechanism. Bitwise’s fund would track the CF NEAR-Dollar Settlement Price benchmark, reflecting the near ecosystem’s performance. 2023 has seen a surge in interest towards Near with the NEAR token price exceeding $4,500 recently. The ETF is structured as a Delaware statutory trust and will offer fractional ownership shares of the NEAR tokens held by the fund. To move forward, Bitwise must also submit a SEC Form 19b-4 for review.