Bitwise Unveils NRR Ticker Symbol for Proposed NEAR ETF

Bitwise Asset Management has made significant progress in its efforts to launch a spot exchange-traded fund (ETF) tracking the price of NEAR Protocol. The company filed an amended Form S-1 registration statement with the US Securities and Exchange Commission (SEC), revealing key details about the proposed ETF, including its ticker symbol NRR. According to the filing, Bitwise has selected The Bank of New York Mellon as the cash custodian, administrator, and transfer agent, while Coinbase Custody will serve as the crypto custodian.

The issuer also disclosed that it had purchased $200 worth of shares at $25 each, receiving 8 shares in return. This move is part of Bitwise's seed capital investment in its own ETF. The trust aims to generate additional income for investors through staking, with plans to stake 100% of the NEAR holdings.

As a result of the filing update and other developments, NEAR Protocol's price has jumped 4%, currently trading at $1.73. Trading volume has decreased by 10% over the last 24 hours, indicating caution among traders amid concerns about yen carry trade unwind risks. Nevertheless, the price is rebounding off its 200-day moving average.

According to CoinGlass data, there has been significant buying activity in the derivatives market, with total NEAR Protocol futures open interest increasing by almost 6% to $365.17 million in the last 24 hours.