A Bitwise NEAR ETF entity was registered as a Delaware statutory trust on April 24, 2025, under file number 10174379, according to a Delaware Division of Corporations filing. The trust names CSC Delaware Trust Company as its registered agent, with a Wilmington address. Delaware statutory trusts are commonly used to structure ETFs, offering legal flexibility and tax efficiency before issuers seek federal regulatory approval.

To launch the ETF, Bitwise must now file a detailed proposal with the U.S. Securities and Exchange Commission (SEC), including disclosures about custody, market surveillance, and investor protections. SEC approval is not guaranteed and often involves months or sometimes even years of review, particularly for crypto-related products.

The filing aligns with a broader industry push to introduce ETFs tracking cryptocurrencies beyond bitcoin and ethereum. Over a dozen applications for spot funds tied to assets like SOL, LTC, HBAR, ADA, and XRP are pending with the SEC, reflecting demand for diversified crypto exposure amid evolving regulations under the Trump administration.

Bitwise already manages a spot bitcoin ETF and a spot ether fund as well. NEAR Protocol, a layer one (L1) blockchain focused on decentralized applications, has a market capitalization of approximately $3.1 billion as of April 2025.

Delaware remains a preferred jurisdiction for ETF filings due to its streamlined trust registration process. However, the SEC’s stance on non-bitcoin and non-ether crypto ETFs remains cautious, with former SEC Chair Gary Gensler repeatedly emphasizing the need for stricter compliance frameworks in the past.

On the other hand, with SEC Chair Paul Atkins at the helm of the regulatory entity now, all that could change. Final decisions on pending applications are expected to set precedents for future crypto fund launches.

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