Bitwise Submits NEAR ETF with Staking Component
Bitwise Asset Management has filed an amended registration statement with the US Securities and Exchange Commission (SEC) for its proposed NEAR ETF. The fund, which will trade under the ticker NRR on NYSE Arca if approved, aims to track the value of NEAR held by the trust minus operating costs and liabilities.
The trust plans to stake up to 100% of its NEAR holdings to earn protocol rewards, distinguishing it from products that only track spot cryptocurrency prices. However, this arrangement introduces additional risks related to validator performance, liquidity, custody, and the time required to unstake tokens.
The filing comes as Wall Street firms broaden their digital asset offerings, with Morgan Stanley Investment Management launching exchange-traded products tracking Ethereum and Solana in late July. An approved NEAR product would extend this expansion to another proof-of-stake network.