Bitwise Launches First US Spot NEAR ETF Amid Network's Soaring Activity

Crypto asset manager Bitwise has launched its first US spot exchange-traded product (ETF) tracking NEAR, giving investors exposure to the token through a fund trading on NYSE Arca. The Bitwise NEAR ETF, with the ticker NRR, carries a 0.75% management fee and will hold NEAR directly.

Bitwise intends to stake a significant portion of the fund's tokens, which comes as activity on NEAR Intents has increased sharply. According to Bitwise, volume on the network's cross-chain transaction protocol rose to over $32 billion compared with less than $1 billion a year ago.

NEAR token has rallied sharply in the past month, gaining about 167% to trade around $4.94 on Tuesday, according to CoinGecko data. The token is up about 81% over the past year.