Bitwise Launches First US NEAR Spot ETF, Eyes 100x Price Surge by 2030
Bitwise has launched its first US NEAR Protocol (NEAR) spot exchange-traded product (ETP), marking a significant milestone for the digital asset manager. The Bitwise NEAR ETF, listed under the ticker NRR, began trading on NYSE Arca on February 29th with an annual management fee of 0.75%. This move represents a major step in bringing institutional investment opportunities to the NEAR ecosystem.
The ETF is designed to track NEAR spot prices while also capturing staking rewards, which currently stand at approximately 5% per annum. Bitwise plans to manage the fund's NEAR holdings through its in-house institutional staking team. This development adds NEAR to Bitwise's lineup of single-asset crypto products, which already includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Hyperliquid (HYPE).
Bitwise is closely monitoring the growth of NEAR Intents, a transaction protocol that has seen its cumulative trading volume surge to over $32 billion (approximately 43.3 trillion won) in recent months, up from less than $1 billion (approximately 1.4 trillion won) a year ago.
According to Bitwise's Chief Investment Officer Matt Hougan, "In an environment where AI agents execute payments and transactions on behalf of users, fast and reliable payment infrastructure is essential." He added that the NRR provides investors with a vehicle to access this growth potential. In a report released last week, Bitwise outlined three price scenarios for NEAR by 2030: $1.63 in a bear case, $155.8 in a base case, and $562.8 in a bull case.