Bitwise Launches First US NEAR Token ETF on NYSE Arca
Bitwise has launched the first US Exchange-Traded Fund (ETF) backed by the NEAR token, listed on the NYSE Arca under the ticker NRR. The fund will have an annual fee of 0.75% and places its tokens in staking, modeled after its Solana ETF. The token's value has nearly tripled since August, but it still trades at a price 75% below its record.
The launch comes as NEAR's protocol volume exceeds $32 billion, with co-founder Illia Polosukhin's AI link being a key driver of the growth. The fund is handled by Coinbase Custody and administered by BNY Mellon, following over a year of regulatory hurdles. Tokens will be placed 100% in staking through the Bitwise team, which offers returns of about 5% per year on NEAR, though these are not guaranteed.
According to Matt Hougan, Bitwise's Chief Investment Officer, 'NEAR is at the intersection of two of the biggest technology trends: AI and crypto.' The fund remains a single-asset bet, with risks including total loss. NRR joins an already rich lineup on the NYSE Arca, which includes BITB (bitcoin), ETHW (ether), BSOL (solana), XRP, and BHYP.