NEAR Surges Past $5 as SEC Clears Key Hurdles for Bitwise ETF

NEAR Protocol's native token has reclaimed $5 as progress on a proposed Bitwise exchange-traded fund (ETF) clears key regulatory hurdles. The SEC declared Bitwise's registration statement for the NEAR ETF effective, bringing the proposed product closer to trading on a US exchange.

The Bitwise NEAR ETF is designed to provide investors with exposure to the value of NEAR held by the fund, which also includes a staking component. Coinbase Custody will serve as the fund's custodian, while Bitwise has set the sponsor fee at 0.75% annually.

Near Protocol has also expanded its trading reach following a listing on Hyperliquid's spot market, with the NEAR/USDC pair now live and added to Hyperliquid's strict list.