Bitwise Unveils First US Spot NEAR ETF Amid Rising Intents Activity

Bitwise has launched a US spot exchange-traded product (ETF) designed to track NEAR, making it easier for mainstream investors to gain access to the Layer-1 token. The new ETF, Bitwise NEAR ETF, trades under the ticker NRR and holds NEAR directly. It charges a 0.75% management fee and Bitwise plans to stake a significant portion of its NEAR holdings.

The launch of this ETF follows a sharp increase in transaction volume on NEAR's cross-chain 'Intents' protocol over the past year, which has risen to more than $32 billion from less than $1 billion. This growth in activity has caught the attention of Bitwise, with CIO Matt Hougan pointing out that AI agents are an increasingly relevant use case for NEAR.

Hougan notes that the 'goal-based' design of Intents aligns with how large language models and agents operate, allowing them to specify outcomes while third parties handle execution. This perspective is in line with broader institutional discussion on AI's potential impact on crypto demand.