Key facts
- Bitwise has filed an amended S-1 form for its proposed spot NEAR ETF.
- The updated filing includes staking as a method to derive additional income.
- NYSE Arca is designated as the exchange for the ETF's listing and trading.
- Coinbase Custody will act as the cryptocurrency custodian.
- The Bank of New York Mellon will serve as cash custodian, administrator, and transfer agent.
- Bitwise plans to provide seed capital for the ETF.
Crypto asset manager Bitwise has submitted a second amendment to its S-1 filing with the U.S. Securities and Exchange Commission (SEC) for its proposed spot NEAR ETF. The updated filing includes key details such as the addition of staking as a secondary objective to generate additional income for investors, alongside regulated exposure to NEAR. NYSE Arca has been named as the selected exchange for the ETF's listing and trading. The Bank of New York Mellon will serve as the cash custodian, administrator, and transfer agent, while Coinbase Custody is designated as the crypto custodian. Bitwise Investment Advisers, the parent company, plans to provide seed capital to launch the ETF, which is still awaiting SEC approval. The amendment also refines disclosures regarding risks, including tax implications of staking and market volatility. This development follows Grayscale's recent amendment to its own NEAR ETF filing. Amidst these regulatory advancements, the price of NEAR Protocol has seen a notable rebound, increasing by approximately 12% as the broader crypto market recovers. Trading volume has also seen a rise, indicating renewed investor interest, although the price remains below its 50-day moving average. Open interest in NEAR Protocol futures has surged, with significant buying activity observed in the derivatives market.