Bitwise Launches US' First Spot NEAR ETF Amid Surge in Transaction Volume
Bitwise has launched the United States' first spot exchange-traded fund (ETF) focused on NEAR Protocol, marking a significant milestone for digital asset investing. The NRR ETF started trading September 29 on NYSE Arca and holds direct NEAR token holdings with an annual management charge of 0.75%. Bitwise plans to participate in network staking using the fund's tokens through its institutional operations division.
NEAR Protocol's price has surged, reaching $4.94 around the time of the ETF announcement, reflecting a remarkable 167% monthly increase. The asset also demonstrated an 81% year-over-year growth. Despite a 4.62% decline over the past 24 hours, NEAR sustained levels above $4.90.
The transaction volume through NEAR Intents has skyrocketed to over $32 billion, a significant expansion from the less than $1 billion recorded approximately twelve months earlier. Bitwise's chief investment officer, Matt Hougan, highlighted artificial intelligence agents as an emerging application for NEAR, noting that current network utilization remains predominantly human-initiated.
NEAR Protocol's SHIELD security mechanism successfully prevented over $50 million in transfers associated with the recent Bitget exploit, immobilizing roughly $503,000 during transaction processing. The protocol's security system intercepted approximately $166,000 in potentially compromised assets, which transited through the system.