Bitwise Near Protocol ETF Launch Ignites Institutional Interest
The launch of the Bitwise NEAR Protocol ETF (NRR) has put Near Protocol back on the radar of institutional investors. The ETF, which is the first spot NEAR ETP in the U.S., has attracted significant interest, with roughly $50 million in inflows during its first two trading sessions.
The prospectus for the ETF describes its primary objective as tracking the value of NEAR held by the Trust, minus operating expenses and other liabilities. Its secondary objective is to seek to derive additional NEAR through staking.
The ETF's structure ties the potential benefit to the quantity of NEAR earned and retained by the Trust, while the fee and other liabilities weigh on net value. Network reward rates can change, and a staking objective is not a fixed coupon.
NEAR's price has risen following the ETF launch, but a correction has pushed the price toward $4.65. The longer-term outlook depends on whether ETF inflows remain consistent and whether staking demand translates into sustained buying pressure.