Bitwise has amended its S-1 registration statement for a spot NEAR ETF, adding staking language to the filing as the SEC continues its review of the product. TLDR: KEY POINTS Bitwise filed an
Bitwise has amended its S-1 registration statement for a spot NEAR ETF, adding staking language to the filing as the SEC continues its review of the product.
TLDR: KEY POINTS
The amended registration statement, filed as an S-1/A with the SEC, updates the original NEAR ETF filing with language that would allow the fund to stake a portion of its NEAR token holdings. This is a filing amendment, not an approval. For related coverage, see Trump Says He Was Unaware of Crypto Income in 2025 Financial Filing.
Staking language in an ETF registration statement indicates that the issuer wants the fund to participate in the proof-of-stake consensus mechanism of the underlying network. For NEAR, this would mean locking tokens to help validate transactions and earning protocol rewards in return.
Bitwise has been actively expanding its ETF ambitions across multiple crypto assets. The firm previously withdrew a proposed Bitcoin and Ethereum ETF filing, and its ETF clients have shown interest in assets like XRP, signaling a broad product strategy beyond Bitcoin.
Including staking provisions changes the economics of a crypto ETF. A fund that stakes its holdings could generate yield for shareholders, making the product more competitive against direct token ownership.
However, staking also raises questions for regulators. The SEC has previously scrutinized whether staking rewards constitute securities or additional yield that changes how a fund should be classified. Language in a filing does not guarantee that the final product will include staking, as the SEC could require its removal during review.
The distinction matters for investors comparing ETF products. Other issuers like Franklin Templeton have explored creative ETF structures that push beyond traditional fund design, and staking-enabled crypto ETFs represent a similar effort to differentiate.
The amended filing positions NEAR within the expanding conversation around altcoin ETFs. Most approved crypto ETF products in the U.S. have focused on Bitcoin and Ethereum, making a NEAR-specific product notable for its focus on a smaller-cap layer-1 blockchain.
Bitwise's decision to add staking language rather than strip complexity from the filing suggests confidence that regulators may be open to staking in ETF wrappers. Bitwise CIO Matt Hougan has previously discussed the firm's view on expanding addressable markets in crypto investment products.
The amendment also includes details on a proposed NYSE Arca listing, according to reporting from CoinGape. Next steps depend entirely on the SEC's review process, which could result in further amendments, approval, or rejection. Investors tracking this space should watch for additional filings from Bitwise and any formal regulatory response regarding the staking provisions.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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