Bitwise Brings US Spot Near ETF to NYSE Arca
Bitwise Asset Management has launched its first US spot Near ETF on NYSE Arca under the ticker NRR, providing investors with a way to bet on the AI-focused blockchain from within their brokerage account. The fund charges an annual fee of 0.75% and holds actual Near tokens rather than futures contracts.
Near has seen significant price action in recent months, skyrocketing since May after jumping 28% in 24 hours following upgrades to its network. It currently trades for around $5 at a market capitalization of over $6.5 billion, although this represents a decline of about 75% from its all-time high above $20.
The fund's launch comes as Near continues to develop its AI capabilities, including the launch of an AI research lab led by co-founder Illia Polosukhin in May 2024. Bitwise CEO Hunter Horsley said that the shift towards an 'agentic economy' where more and more happens through AI agents could unlock a new frontier for the global economy.