Bitwise and 21Shares Expand Altcoin ETF Race with Near and Cronos Products

Bitwise and 21Shares Expand Altcoin ETF Race with Near and Cronos Products Two leading digital asset managers are broadening the market for regulated cryptocurrency investment products. Bitwise has filed to list a spot Near ETF in the US, while 21Shares has launched a Cronos ETP on European exchanges. Bitwise Files for Spot Near ETF, Expanding the SEC’s Growing Altcoin Docket In a May 6 filing , Bitwise outlined its intention to launch the Bitwise Near ETF, which would directly track the price of the NEAR token — the native asset of the Near blockchain network. The fund, structured as a trust, aims to offer exposure to NEAR through a conventional brokerage account, minus fund expenses. Coinbase Custody Trust Company is listed as the proposed custodian for the ETF. Details such as the ETF’s ticker symbol, management fee, and preferred stock exchange have not yet been disclosed. Bitwise’s preliminary filing does not mark the beginning of the SEC’s official review. The company must still submit a 19b-4 form, which will trigger the regulatory countdown and pave the way for a potential decision. Bitwise signaled its intention to move forward with the trust when it registered the fund in Delaware on April 28. Bitwise’s move brings NEAR into an increasingly competitive field of altcoin ETF contenders. The SEC is currently sitting on more than a dozen spot crypto ETF applications for various assets including Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), XRP, Cardano (ADA), Hedera (HBAR), Polkadot (DOT), Chainlink (LINK), Avalanche (AVAX), Aptos (APT), and Sui (SUI). Bitwise itself has filed for spot ETFs tied to DOGE, SOL, and XRP, on top of its already approved Bitcoin (BTC) and Ether (ETH) spot ETFs, which are listed on NYSE Arca. Since their launch, those flagship funds have collectively attracted $2.35 billion in net inflows, underlining strong institutional and retail demand for regulated crypto exposure. Why Near? Launched in 2020, the Near blockchain was initially hailed as a potential "Ethereum killer" due to its unique approach to scalability and efficiency. The NEAR token, currently trading around $2.31, powers the layer-1 blockchain and sits at 44th by market cap with a total valuation of approximately $2.73 billion, according to CoinGecko . NEAR price chart (Source: CoinGecko) Near’s claim to fame is its Nightshade sharding architecture, which allows it to process up to 100,000 transactions per second while maintaining low fees and high security. The network is currently maintained by 265 active validators, according to NearBlocks . While Near once focused heavily on decentralized finance (DeFi), the project pivoted in 2024 toward AI infrastructure, with ambitions to build the world’s largest open-source large language model (LLM). This strategic shift aims to position Near as a major player in the convergence of AI and blockchain — two of the fastest-growing sectors in tech. Regulatory Outlook Despite the surge in ETF filings, the SEC has yet to approve any spot ETF for assets outside of Bitcoin and Ether . However, industry analysts view the wave of applications as a sign of growing maturity and demand in the crypto market. While approval timelines remain uncertain, ETF issuers are hoping that the SEC’s greenlighting of Bitcoin and Ethereum products sets a precedent for broader altcoin inclusion. The flood of new applications also signals a deeper philosophical shift within the crypto industry: from speculative assets to regulated investment products, with traditional structures designed to meet institutional compliance standards. 21Shares Launches Cronos ETP in Europe as Altcoin Investment Demand Grows In related news, Swiss-based asset manager 21Shares has introduced a new exchange-traded product (ETP) offering investors regulated exposure to the Cronos (CRO) token, the native asset of the Crypto.com-affiliated blockchain network. The Cronos ETP, announced by 21Shares on May 6, is now available for trading on Euronext Paris and Amsterdam, marking the latest move by the asset manager to expand its European product suite. With this launch, investors can gain exposure to CRO through traditional brokerage platforms and banks — removing the technical barriers of managing crypto wallets or accessing digital asset exchanges. CRO is the native token of the Cronos Chain, a layer-1 blockchain built by Crypto.com and positioned to integrate Ethereum and Cosmos ecosystems. It is designed to power applications in decentralized finance (DeFi), non-fungible tokens (NFTs), and broader Web3 infrastructure. According to 21Shares, the ETP will allow institutional and retail investors to participate in the growth of Cronos without directly handling digital assets. "By launching a Cronos ETP, we are offering investors safe, regulated exposure to a blockchain ecosystem that is driving real-world adoption," said Mandy Chiu, Head of Financial Product Development at 21Shares. "This product reflects our mission to bridge traditional finance and the crypto economy." The ETP is fully collateralized by the underlying CRO tokens, which are securely held in institutional-grade custody solutions. 21Shares has not yet disclosed the product’s expense ratio or ticker symbol. Cronos: Fundamentals and DeFi Footprint The CRO token currently trades at around $0.092, with a market capitalization of $2.3 billion and a fully diluted valuation of nearly $8.7 billion, according to CoinMarketCap . While CRO once gained notoriety for its aggressive marketing via Crypto.com’s sports sponsorships, it has since turned toward ecosystem development and infrastructure. CRO price chart (Source: CoinMarketCap) The Cronos Chain boasts a total value locked (TVL) of approximately $400 million, per DeFiLlama data . Among its key DeFi components is Crypto.com Staked ETH (CETH) — a liquid staking product for Ethereum — which holds roughly $64 million in TVL. As a Cosmos SDK-based chain with Ethereum Virtual Machine (EVM) compatibility, Cronos provides a dual advantage: high throughput and composability with the broader Ethereum landscape. This interoperability is central to Cronos’ ambition to become a leading multichain Web3 hub for consumer-facing applications. The launch of the Cronos ETP comes amid a broader trend of rising demand for altcoin-backed investment vehicles. Just a day prior, asset manager VanEck filed to list a BNB ETF in the US — the first proposed US ETF tied to Binance’s native token. In parallel, 21Shares has filed US ETF proposals for a range of altcoins including Dogecoin (DOGE), Polkadot (DOT), and Solana (SOL), seeking to capitalize on the shifting regulatory landscape under the Trump administration. Since January 2025, the US Securities and Exchange Commission (SEC) has adopted a notably softer stance toward crypto ETFs , following the appointment of new leadership under the Trump presidency. As a result, asset managers are now pursuing regulatory approval for more than 70 crypto-linked ETFs, spanning both mainstream and niche tokens. European Momentum Builds Europe remains a key hub for crypto ETPs, offering a relatively friendlier regulatory environment compared to the US. Firms like 21Shares, ETC Group, and CoinShares have leveraged exchanges in Switzerland, Germany, France, and the Netherlands to offer wrapped exposure to everything from Bitcoin and Ether to more exotic tokens like Uniswap (UNI), Avalanche (AVAX), and now Cronos. The launch of the Cronos ETP may also serve as a signal that investor appetite for exchange-affiliated blockchains is expanding. With CRO, BNB, and other centralized exchange tokens entering the ETF/ETP pipeline, asset managers appear to be betting that these ecosystems — once criticized for their centralized roots — are becoming cornerstones of mainstream blockchain adoption. ENRICH your inbox with our best stories