Bitwise Launches First US ETP on NEAR Protocol, Staking Yields Integrated
Bitwise has launched the Bitwise NEAR ETF (ticker: NRR), the first spot ETP on NEAR Protocol available to US investors. The product carries a management fee of 0.75% per year, which is considered competitive for a niche crypto ETF tracking an alternative asset.
The core mechanic of the NRR is built around in-house staking: Bitwise stakes the NEAR held within the fund directly, and the rewards generated are folded back into the product's net asset value (NAV). This means that shareholders gain exposure to the price of NEAR enhanced by staking yields, without ever having to manage a wallet or interact with a validation protocol.
Bitwise's decision to focus on NEAR Protocol is due to its unique characteristics, including its sharded architecture and compatibility with decentralized AI environments. This has made it an increasingly watched asset among institutional investors seeking exposure to the crypto/AI convergence.