Bitwise Launches US Spot NEAR ETF Amid Strong Token Performance

Bitwise has launched its first US spot NEAR ETF, the Bitwise NEAR ETF (NRR), on NYSE Arca. The fund offers direct exposure to NEAR without requiring investors to buy the token themselves. NRR carries a 0.75% management fee and plans to stake its NEAR holdings.

The staking rewards will accrue to shareholders through changes in the fund's net asset value. Bitwise views NEAR as infrastructure for an AI-driven economy, with CEO Hunter Horsley noting that AI agents may increasingly handle economic tasks and interact with each other.

NRR began trading on September 29 under ticker NRR, adding to Bitwise's lineup of single-asset crypto products. The new fund comes after a strong month for NEAR, which recently moved above $4 after a sharp September rally, gaining about 80% in one week as traders tracked network activity and new privacy-focused trading tools.

Bitwise plans to stake a large share of the fund's NEAR through its internal staking team. Rewards earned by the trust will accrue to shareholders through changes in net asset value. However, it's essential to note that staking rewards can change and are not guaranteed.