Bitwise Launches First US Spot NEAR ETF with Staking Fees Taking 33% of Rewards
Bitwise has launched the first US spot NEAR Protocol (NEAR) exchange-traded fund on NYSE Arca, trading under the ticker NRR. The fund charges a 0.75% annual management fee and holds NEAR directly, with Coinbase Custody as custodian.
The launch comes after Bitwise filed for registration with the SEC in May 2025, which took effect on September 24.
Bitwise CIO Matt Hougan stated that NEAR sits at the intersection of AI and crypto trends, citing its cross-chain transaction protocol, NEAR Intents, as an example. The network has processed over $32 billion in volume, up from under $1 billion a year earlier.
The fund plans to stake all of its NEAR holdings, with staking rewards estimated at around 5% per annum. However, the prospectus warns that staking could slow redemptions, as staked NEAR takes about 48 hours to unlock under normal conditions.