NEAR Protocol ETF Launched by Bitwise

Bitwise has launched the first US spot exchange-traded fund tracking NEAR Protocol. The fund, called NRR, began trading on NYSE Arca on September 29.

The ETF holds NEAR directly and charges a 0.75% annual management fee. Shares trade during normal exchange hours through a standard brokerage account.

Bitwise also plans to stake the fund's tokens through its own institutional team, citing a current network staking rate near 5%. The token has gained roughly 167% over the past month and is up about 81% over the past year.

NEAR Intents, the network's cross-chain transaction protocol, has seen its volume grow to more than $32 billion. This figure compares with less than $1 billion roughly a year earlier.