NEAR Reclaims $5 as Bitwise ETF Clears Regulatory Hurdle

NEAR Protocol's native token has reclaimed $5 in value, marking a significant milestone in its multi-week rally. This price jump coincides with progress on a proposed Bitwise exchange-traded fund (ETF) and growing activity across the network's ecosystem.

The US Securities and Exchange Commission (SEC) has cleared Bitwise's registration statement for the NEAR ETF, paving the way for the product to list on NYSE Arca under the ticker NRR. The proposed ETF is designed to provide investors with exposure to the value of NEAR held by the fund, while also including a staking component.

Additionally, NEAR Protocol has expanded its trading reach through listings on Hyperliquid and near.com. The NEAR/USDC pair is now live on Hyperliquid's spot market, complementing existing NEAR perpetual markets on the platform. Near.com has also partnered with Ondo Finance to allow users to buy, trade, and hold tokenized US stocks and ETFs directly through their accounts.

The developments have contributed to a substantial recovery in NEAR's market value, with the token up 6% in the past 24 hours and 240% year-to-date. The market cap of $6.5 billion puts it in 22nd place among the largest cryptocurrencies by market capitalization.