NEAR Surges Past One-Year High as Bitwise Spot ETF Nears Launch

Near Protocol (NEAR) surged to its highest level in one year on Sunday, outperforming Bitcoin (BTC) after Bitwise filed the final prospectus for a spot NEAR exchange-traded fund (ETF).

The proposed ETF plans to stake NEAR holdings and pass most rewards to investors. According to the prospectus, staking expenses would take 33% of the additional NEAR generated, split among the staking agents, custodian, and sponsor.

NEAR's price climbed over 7% on Sunday, while Bitcoin gained only 0.6% over the same period. The largest cryptocurrency has not yet recovered its earlier high of $85,000.

Analyst Michaël van de Poppe advised traders to wait for a correction before building long-term positions in NEAR. He noted that his base case for NEAR is above $150 and his bull case is above $550.