Bitwise launches first US spot NEAR ETF on NYSE Arca

Bitwise has launched the Bitwise NEAR ETF (ticker: NRR) on the NYSE Arca, marking the first spot NEAR Protocol exchange-traded product in the United States. The fund provides investors with direct exposure to NEAR tokens and includes an in-house staking component. Bitwise intends to stake a significant portion of the fund's holdings to capture potential staking rewards, which are expected to be approximately 5% annually. These rewards will be reflected in the fund's net asset value (NAV) rather than as direct cash payments.

Bitwise manages the fund with an annual management fee of 0.75%. Coinbase Custody serves as the custodian for the NEAR tokens, while BNY Mellon handles administrative and cash operations. The fund's structure allocates approximately 67% of staking rewards to shareholders, with the remaining 33% covering operational and staking-related expenses.

The launch highlights NEAR's growing role at the intersection of blockchain and artificial intelligence. Bitwise noted that NEAR Intents, a cross-chain transaction protocol, has seen transaction volumes grow from under $1 billion a year ago to over $32 billion recently. Bitwise Chief Investment Officer Matt Hougan emphasized that AI agents will require the fast, trustworthy settlement infrastructure that NEAR provides.