Bitwise NEAR ETF Filing Triggers $9.2% Price Jump as Crypto ETF Space Heats Up

The Bitwise NEAR ETF's filing of Form 8-A and the SEC's declaration of its registration statement effective have sent the price of NEAR soaring. The asset has jumped 9.2% today, with a market cap of $6.378 billion and $1.594 billion in 24-hour trading volume.

Bitwise filed to list its NEAR ETF on NYSE Arca under the ticker NRR, which will hold NEAR directly and stake part of it to earn extra returns. The fund plans to combine straightforward price exposure with built-in staking returns, a trend that is gaining momentum in the crypto ETF space.

Bitwise CEO Hunter Horsley cited tax simplicity, easier estate and will planning, and the ability to borrow against holdings or use margin as reasons why investors are shifting into ETFs. The firm has seen $70 million of spot crypto move into its funds in-kind this quarter alone.