Bitwise recently submitted an application for a NEAR ETF in the United States, marking the first such application of its kind in the country. Over the past few weeks, the company has been actively exploring the creation of multiple new altcoin ETF products, including those based on DOGE and APT, among others.

Despite its relatively low profile in 2025, the NEAR project could see renewed interest following this application. At present, there is a surge of pending ETF applications in the U.S., with Bitwise playing a leading role in several of them. Alongside more conventional proposals such as an XRP ETF or a combined BTC\/ETH product, the company has also put forth some innovative initiatives.

Today, Bitwise added another proposal to this diverse range of filings, submitting an application to create an ETF centered around NEAR. The current filing is quite minimal, offering limited information to the public. Should Bitwise or the SEC release the full application in the future, it could provide greater clarity on certain aspects.

For now, it may be reasonable to infer that the NEAR ETF will resemble Bitwise's recent efforts in the altcoin space. NEAR is a Proof-of-Stake Layer 1 blockchain designed to optimize decentralized application (dApp) development. Launched in late 2020, it divides blockchains into sub-chains with independent validators to enhance transaction processing efficiency.

The altcoin garnered significant attention towards the end of last year, though it has maintained a relatively subdued presence throughout 2025. With Bitwise's intention to develop a NEAR ETF, the asset could attract additional focus. The price of NEAR has been on an upward trajectory; after experiencing a decline in mid-April, it has risen by over 25% in the past two weeks.

Clearly, these gains are unrelated to Bitwise's filing, but the ETF initiative might contribute to sustained growth. Bitwise's current strategy includes several \"first-of-its-kind\" ETFs, and a NEAR product could face stiff competition if approved. As the number of altcoin ETFs grows, the diminishing returns effect could potentially have adverse effects.

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