NEAR Protocol has risen by about 26% in the past week, and the current token price is around $4.90 to $5.00. Meanwhile, Bitwise's upcoming NEAR ETF has completed one of the most important regulatory steps to date.
The key development is not a new ETF application. The registration process for this Bitwise product has been ongoing for several months. What changed this week is that the U.S. Securities and Exchange Commission (SEC) announced on September 24th that the registration statement for this fund took effect, and Bitwise also submitted a Form 8-A at the same time, in order to register the shares of ETF for trading on exchanges. The official confirmation of effectiveness stated that this registration took effect on September 24th.
In addition, as shown by Form, the application for Bitwise NEAR ETF to be listed on NYSE Arca has been submitted and approved. The proposed trading code is NRR.
This brings the fund one step closer to starting trading, but it should still be noted that it should not be broadly referred to as a new SEC 'approval'.
As the ETF structure is gradually put in place, the upward trend of NEAR is accelerating.
NEAR is one of the large-cap crypto assets that has performed well this month.
CoinCodex Data shows that in the latest statistics, the price of this token is around $4.91, with a 35% increase over 7 days. It has risen from around $3.90 to $4.00 earlier this week to near $5, which represents an increase of over 20%. Therefore, this catalytic factor ETF is receiving widespread attention.
The design of this ETF itself is to directly hold NEAR. According to the latest prospectus of Bitwise, the primary goal of this trust is to track the value of NEAR held by the fund, while the secondary goal is to obtain additional NEAR earnings through pledging.
This staking feature makes this product more special compared to the simple spot encryption ETF.
"Effective" does not mean that trading has already begun.
The biggest difference lies at the programmatic level.
The EFFECT file of SEC indicates that the registration declaration has taken effect. Form 8-A is the registration of the relevant shares in accordance with the 'Securities Trading Law'. The approval of NYSE Arca meets another listing requirement.
However, these steps do not equate to the fact that this ETF has already started trading.
This also makes it similar to other news related to other cryptocurrencies ETF. In such reports, the application process itself is just as important as the results mentioned in the title.
