$NEAR ETF Listing Sends Price Towards $5

The price of $NEAR has surged towards $5 after NYSE Arca approved Bitwise's listing application for its $NEAR ETF, also known as NRR. This approval extends a rally that has lifted the token by over 170% this year.

Bitwise plans to list the product under the ticker NRR, giving investors exposure to $NEAR through a traditional brokerage account. The fund aims to track the value of $NEAR held by the trust after fees and liabilities, with staking serving as a secondary source of additional tokens.

The SEC's amended S-1 sets a 0.75% annual management fee for the fund, which will be safeguarded by Coinbase Custody while Bitwise selects staking agents to operate validators for tokens placed into staking.