NEAR Protocol ETF Sees $35 Million in Inflows on First Day
A regulated bet on NEAR Protocol is now trading on Wall Street through the newly launched Bitwise NEAR ETF, which started trading on NYSE Arca on September 29 under the ticker NRR.
The fund pulled in $35.5 million in net inflows on day one, pushing total assets to $36.5 million, and daily trading volume swelled to $1.2 billion to $1.3 billion.
The NEAR ETF offers a unique combination of price exposure and a 5% yield on top of the underlying asset's price, while charging a 0.75% annual sponsor fee.
The launch of the NEAR ETF is noteworthy, considering the token's ecosystem experienced a major security vulnerability in late April, when a bug in the NEP-141 token standard allowed an attacker to drain balances without stealing keys or phishing links.
The bug, which was found in two tokens, SWEAT and HOT, was eventually patched, but the incident raised concerns about the security of the NEAR ecosystem.
Despite this, the NEAR Protocol has continued to grow, with its AI-linked tokens outperforming the rest of the crypto market, and the launch of the NEAR ETF suggests that institutional investors are taking notice of the protocol's potential.