NEAR Rockets to Year-High as Bitwise ETF Nears Launch

NEAR cryptocurrency has surged more than 7% to around $5 on Sunday, marking its highest level in about a year. This rally comes as investors react to progress toward the launch of a U.S. exchange-traded fund tied to the digital asset.

The Bitwise NEAR ETF is expected to trade on the NYSE Arca under the ticker NRR and has filed a final prospectus for the fund on September 24. The SEC filing shows that NYSE Arca has approved its application for listing, making the registration effective the same day.

This ETF would give investors a way to gain exposure to NEAR through a conventional brokerage account without having to buy and store cryptocurrency themselves. The fund will hold NEAR directly and also plans to earn additional tokens by staking its holdings, similar to earning rewards for helping operate the network.