Bitwise Launches First US Spot NEAR ETF with Staking
Bitwise Asset Management has launched the first US spot exchange-traded product tied to NEAR Protocol (NEAR), allowing investors to gain regulated exposure to the layer-1 blockchain without directly holding the token. The Bitwise NEAR ETF, trading on NYSE Arca under the ticker NRR, began trading on September 29 with a 0.75% management fee. This fund is designed to track the price of NEAR and participate in staking.
The launch comes as activity around NEAR's cross-chain infrastructure has expanded. NEAR Intents, which facilitates transactions across different blockchain networks, has processed more than $32 billion in volume, according to Bitwise. The protocol uses chain abstraction to simplify transactions without requiring users to interact with each blockchain separately.
Bitwise intends to stake NRR's NEAR holdings through its institutional staking team, allowing rewards generated by the tokens to accrue to the fund and increase its net asset value.