Bitwise Launches First-Ever Spot Near ETF on NYSE Arca
Bitwise Asset Management has launched the first-ever spot Near (NEAR) ETF on the New York Stock Exchange's Arca platform. The new exchange-traded fund, which will trade under the ticker NRR, offers investors exposure to the agentic economy and staking rewards of the NEAR protocol.
The launch comes as the NEAR crypto has experienced significant growth in recent months. In September, Near Protocol achieved record-high TVL (total value locked) growth and collected its second-highest monthly revenue collection, with fees exceeding $6.75 million. However, this week saw a notable pullback in the NEAR price, with a 10% drop from Sunday's opening to closing price.
Monday's largest daily spot outflow in recent history, totaling $28.9 million, contributed to the pullback. Nevertheless, the news of Bitwise's new ETF launch sparked a reaction in the market, causing NEAR price to bounce back slightly from its low of $4.5 on Tuesday morning.
The growth in Near Protocol fees and TVL reflects robust activity in the network over the past three months. The NEAR protocol's appeal has been rising, with investors taking notice. The launch of the first spot NEAR ETF is seen as a clear indicator of this growth, offering a new pathway for TradFi investor liquidity.