Key Takeaways:
- NEAR surged nearly 12% after Bitwise filed for a spot ETF with staking.
- The amended S-1 filing with the SEC includes staking for yield generation.
- The token broke above a multi-week downtrend, signaling bullish momentum.
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NEAR jumps 12% as Bitwise files for spot ETF with staking
NEAR Protocol's token jumped nearly 12% on July 3 after Bitwise filed an amended S-1 registration for a spot exchange-traded fund that includes a staking feature for the underlying tokens.
The staking mechanism would allow the fund to generate yield on NEAR holdings, a feature absent from existing single-asset crypto ETFs in the US, according to the amended S-1 filing with the Securities and Exchange Commission.
NEAR rose as much as 12% on the day, breaking above a multi-week downtrend that had capped upside since mid-June. The filing marks the first attempt to embed staking directly into a spot crypto ETF structure, potentially creating a template for other proof-of-stake tokens seeking similar products.
If approved, the Bitwise NEAR ETF would offer regulated exposure to the token with built-in yield generation, broadening its appeal to institutional investors who have been limited to non-yielding fund structures. The SEC's position on staking within ETFs has been a key regulatory question since the approval of spot Bitcoin and Ethereum funds, and this filing could force a formal determination.
The staking feature addresses a long-standing demand from institutional investors who want to participate in proof-of-stake network validation without running their own infrastructure. NEAR, which uses a sharded proof-of-stake consensus mechanism, currently offers staking yields of roughly 10% to 12% annually to validators and delegators on the network.
Bitwise has been expanding its crypto ETF lineup beyond Bitcoin and Ethereum. The firm launched a spot Aptos ETF earlier this year and has filed for products tracking several other Layer 1 tokens. The NEAR filing follows a similar structure to the Aptos fund but adds the staking component, which could differentiate it in a crowded filing pipeline.
The SEC has not set a deadline for ruling on the NEAR ETF application. Under standard procedures, the agency would have 240 days from the publication of the filing in the Federal Register to issue an approval or denial.
This article is for informational purposes only and does not constitute investment advice.
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