Bitwise Launches U.S. Spot NEAR ETP Following Token Rally

Bitwise Asset Management has launched what it describes as the first U.S. spot exchange-traded product providing direct exposure to NEAR, with trading beginning Sept. 29 on NYSE Arca. The Bitwise NEAR ETF trades under the ticker NRR and charges a 0.75% management fee.

The launch follows a sharp rise in NEAR. The token traded near $5 on Sept. 29, roughly three times its August lows around $1.60.

NRR Holds NEAR Directly

NRR is designed to track the value of NEAR held by the fund, less expenses and liabilities. Its SEC filing lists Coinbase Custody as custodian for the fund’s NEAR holdings.

Although Bitwise uses “ETF” in the product name, NRR is not registered as an investment company under the Investment Company Act of 1940. The SEC declared the fund’s registration statement effective on Sept. 24.

Bitwise Plans to Stake the Fund’s NEAR

Bitwise intends to stake a significant portion of NRR’s NEAR holdings, with staking rewards accruing through the fund’s net asset value. The company cited an average NEAR staking reward rate of about 5% as of Sept. 25, while noting that rewards are variable and not guaranteed.

The fund has a secondary investment objective of generating additional NEAR through staking. Its prospectus also warns that staking introduces risks including lost rewards, slashing penalties and potential delays in meeting redemptions.

NEAR Intents Volume Passes $32 Billion

Bitwise is marketing NEAR around its potential role in blockchain infrastructure for AI-driven applications. The asset manager said NEAR Intents has processed more than $32 billion in cumulative volume, up from less than $1 billion a year earlier.

NRR expands Bitwise’s U.S. lineup of single-asset crypto products alongside Bitcoin, Ethereum, Solana, XRP and Hyperliquid offerings. The launch also extends Bitwise’s existing NEAR exposure from Europe, where it already operates a staking ETP.