Bitwise NEAR ETF Clears Hurdle, Spurring Massive Price Rally

Bitwise Asset Management's application to list and trade its NEAR ETF on NYSE Arca has been approved, paving the way for a regulated investment product tied to Near Protocol. The S-1 registration statement for the spot exchange-traded fund is effective under Section 12(b) of the Exchange Act.

The Bitwise NEAR ETF aims to offer investors exposure to Near Protocol tokens held by the trust and additional rewards through staking, with a management fee of 0.75%. The issuer intends to stake 100% of NEAR, with staking expenses equaling 33% of the amount of additional NEAR generated by the staking of the Trust's NEAR.

NEAR price has surged in recent days, with a 20% jump in the last 24 hours and an 11% rise over the past few hours. The current price is around $5, following a 24-hour high of $5.05. Trading volume has dropped 33% over the last 24 hours.

Derivatives traders are showing bullish sentiment, with total NEAR futures open interest jumping almost 15% to $1.49 billion in the last 24 hours.