Key Takeaways
- • Bitwise submitted a second amended S-1 registration statement to the SEC on July 3, 2026, for its proposed spot NEAR ETF, introducing staking as a secondary objective to generate blockchain rewards alongside market price tracking.
- • The fund will list on NYSE Arca with The Bank of New York Mellon handling custody, administration, and transfer agency services, while Coinbase Custody will safeguard NEAR holdings.
- • Bitwise expanded operational disclosures covering staking taxation, redemption liquidity, and cryptocurrency market risks, though the fund's ticker symbol and management fee remain undisclosed pending SEC approval.
- • NEAR token price climbed approximately 5% over 24 hours to trade near $2.02, with weekly gains of nearly 13% supported by trading volume exceeding $256 million, as technical analysts identify a breakout above a falling wedge formation.
- • The proposal remains under SEC regulatory review, with no launch timeline established pending final approval.
Summary
Bitwise has advanced its spot NEAR exchange-traded fund proposal through a second amended S-1 filing submitted to the U.S. Securities and Exchange Commission on July 3, 2026. The revised filing represents a material enhancement to the product structure by introducing staking as a secondary objective, which would enable the fund to generate additional blockchain rewards in parallel with tracking NEAR's underlying market value. This dual-objective approach addresses growing institutional demand for yield-generating cryptocurrency investment vehicles.
The operational framework disclosed in the amended filing designates NYSE Arca as the listing exchange and establishes a custody and administration arrangement with leading financial institutions. The Bank of New York Mellon will oversee cash custody, administration, and transfer agent services, while Coinbase Custody will be responsible for safeguarding the ETF's NEAR token holdings. This custody structure reflects Bitwise's effort to ensure institutional-grade operational standards required for SEC-regulated cryptocurrency ETFs.
The updated filing includes expanded disclosures addressing three critical areas: staking taxation treatment, redemption liquidity mechanics, and cryptocurrency market risk factors. These enhanced operational clarifications provide greater transparency for prospective investors and regulators regarding the fund's compliance framework and risk management. However, Bitwise has not yet disclosed the proposed fund's ticker symbol or management fee structure, both of which typically emerge during final SEC review stages.
The filing's submission coincided with significant price momentum in NEAR token, which gained approximately 5% over the preceding 24 hours to trade near $2.02 and advanced nearly 13% during the past week on trading volume exceeding $256 million. Technical analysts noted that NEAR broke above a falling wedge formation after defending support levels between $1.80 and $1.90, with sustained buying potentially driving the token toward the $3.16 resistance level.
The proposal remains under SEC review. No launch date can be established until final regulatory approval is granted, and the fund cannot begin trading until all outstanding regulatory conditions are satisfied and the agency completes its review process.
The operational framework disclosed in the amended filing designates NYSE Arca as the listing exchange and establishes a custody and administration arrangement with leading financial institutions. The Bank of New York Mellon will oversee cash custody, administration, and transfer agent services, while Coinbase Custody will be responsible for safeguarding the ETF's NEAR token holdings. This custody structure reflects Bitwise's effort to ensure institutional-grade operational standards required for SEC-regulated cryptocurrency ETFs.
The updated filing includes expanded disclosures addressing three critical areas: staking taxation treatment, redemption liquidity mechanics, and cryptocurrency market risk factors. These enhanced operational clarifications provide greater transparency for prospective investors and regulators regarding the fund's compliance framework and risk management. However, Bitwise has not yet disclosed the proposed fund's ticker symbol or management fee structure, both of which typically emerge during final SEC review stages.
The filing's submission coincided with significant price momentum in NEAR token, which gained approximately 5% over the preceding 24 hours to trade near $2.02 and advanced nearly 13% during the past week on trading volume exceeding $256 million. Technical analysts noted that NEAR broke above a falling wedge formation after defending support levels between $1.80 and $1.90, with sustained buying potentially driving the token toward the $3.16 resistance level.
The proposal remains under SEC review. No launch date can be established until final regulatory approval is granted, and the fund cannot begin trading until all outstanding regulatory conditions are satisfied and the agency completes its review process.
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