Bitwise Unveils First US Spot NEAR ETF with Staking Fees Claiming Third of Rewards
Bitwise has launched its first US spot NEAR Protocol (NEAR) exchange-traded fund, NRR, on NYSE Arca. The fund trades directly in NEAR and has a 0.75% annual management fee.
The company plans to stake all of the fund's NEAR, which is expected to generate an average staking reward of about 5% per year. However, the fund will only keep around 67% of these rewards, with the remaining 33% covering staking expenses. These expenses are shared among the staking agent, Coinbase Custody, and Bitwise.
Bitwise's Chief Investment Officer, Matt Hougan, stated that NEAR sits at the intersection of two significant trends: AI and crypto. He pointed to NEAR Intents, a cross-chain transaction protocol on the network, as an example of its capabilities. The protocol has processed over $32 billion in volume since its launch.
The fund's registration with the SEC took effect on September 24, after Bitwise first filed for it in May 2025. NEAR's market value is above $6 billion, and the token traded near $5.00 on Coinbase on Tuesday.