Bitwise Launches US Spot NEAR ETF on NYSE Arca
Bitwise Asset Management has launched the first U.S. spot NEAR ETF on NYSE Arca, marking another milestone for the firm's expansion into the crypto space. The fund, which trades under the ticker NRR, comes with a 0.75% annual management fee and targets NEAR's average staking rewards of roughly 5%. Bitwise intends to stake the fund's NEAR tokens in-house through its institutional staking team.
NEAR has seen significant growth recently, doubling in value within a week in late September and boasting a market capitalization above $6 billion. The firm's AI+crypto pitch sees NEAR as a key player in the development of agentic commerce, with projected volumes reaching $5 trillion by 2030. However, it's worth noting that these projections are not yet realized results.
Bitwise has framed the listing as a new exchange-listed on-ramp for NEAR investors and potentially boosting adoption and token demand. The firm's growth figures remain claims, but the recent run-up in NEAR's value provides an additional tailwind for the fund's launch.