Bitwise Launches First US Spot NEAR ETF With Staking Fees Taking 33% of Rewards
Asset supervisor Bitwise has formally launched a spot NEAR Protocol (NEAR) exchange-traded fund on NYSE Arca on Tuesday, with a 0.75% annual administration charge.
The fund trades underneath the ticker NRR and holds NEAR instantly, with Coinbase Custody as custodian. Its registration took impact with the SEC on September 24, after Bitwise first filed in May 2025.
Fees Take a Third of Rewards
Bitwise referred to as NRR the primary spot NEAR exchange-traded product within the US. The firm already runs a BaFin-approved NEAR staking product in Europe.
“NEAR sits on the intersection of two of the largest developments in know-how: AI and crypto,” mentioned Matt Hougan, Chief Investment Officer of Bitwise.
Hougan additionally mentioned that AI brokers that make funds and trades for his or her customers will want quick settlement that doesn’t depend on a single custodian, and pointed to NEAR Intents, the community’s cross-chain transaction protocol, as an early instance. Bitwise mentioned the protocol has processed over $32 billion in quantity, up from underneath $1 billion a 12 months earlier. The firm outlined NEAR’s market worth, which is above $6 billion. The token traded close to $5.00 on Coinbase on Tuesday.
Moreover, Bitwise plans to stake all of the fund’s NEAR, based on its closing prospectus. The launch places NEAR’s common staking reward at about 5% a 12 months, based mostly on the speed on September 25.
The fund retains about 67% of the NEAR its staking generates. The different 33% covers staking bills, which the prospectus says are shared among the many staking agent, Coinbase Custody, and Bitwise. That staking agent is anticipated to be Attestant, which the prospectus lists as a Bitwise affiliate.
Bitwise’s Hyperliquid ETF (BHYP), which launched in May with in-house staking, pays 25% of its rewards as staking bills. Bitwise’s Avalanche ETF (BAVA) units staking bills at 12%, based on its April prospectus. Both funds cost a 0.34% administration charge.
The NEAR prospectus warns that staking may gradual redemptions. Staked NEAR takes about 48 hours to unlock underneath regular circumstances, based on the location.
Grayscale’s NEAR Conversion Still Pending
Grayscale filed in January to transform its NEAR belief right into a spot ETF. That belief nonetheless trades over-the-counter underneath the ticker GSNR. It costs a 2.5% annual charge, based on Grayscale’s June 12 modification.
The belief’s shares have traded above the worth of its NEAR, generally by a large margin, the modification says. The similar modification leaves the proposed ETF’s annual charge clean.
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