Bitwise Launches First Spot NEAR ETF on NYSE Arca

Bitwise Asset Management launched its Bitwise NEAR ETF (NRR) on NYSE Arca, marking the first spot NEAR exchange-traded product in the US. The fund charges a 0.75% management fee and will hold NEAR coins directly, staking them through its institutional staking operation.

The ETF's structure allows it to hold NEAR tokens, rather than derivatives-based products. This means investors can gain exposure to NEAR through traditional brokerage accounts without having to buy the token on a crypto exchange or manage their own wallet.

As of September 25, NEAR's annualized staking reward rate was around 5%. The fund will stake its holdings and pay out rewards in the form of net asset value (NAV). However, this approach also carries risks such as slashing risk, operational risks, and liquidity constraints that could impact the speed at which staked assets can be processed during redemptions.

The launch follows a series of developments across the NEAR ecosystem, including the introduction of NEAR spot trading on Hyperliquid and increased activity around NEAR Intents. The latter is built to facilitate cross-chain transactions and may become an infrastructure for AI agents and automated financial activity.