Crypto asset manager Bitwise has launched the first US spot exchange-traded product tracking NEAR, enabling investors to gain exposure to the token through a fund trading on NYSE Arca.
The Bitwise NEAR ETF, trading under the ticker NRR, carries a 0.75% management fee and holds NEAR directly. Bitwise intends to stake a significant portion of the fund's tokens.
The launch follows sharp growth in activity on NEAR Intents, the network's cross-chain transaction protocol. Volume on the protocol has risen to more than $32 billion, compared with less than $1 billion a year ago, according to Bitwise.
Bitwise chief investment officer Matt Hougan told Cointelegraph that the firm views AI agents as a growing use case for NEAR and has already observed agents utilizing the network. He expects this activity to increase, though most NEAR activity today remains human-driven.
Hougan noted that Bitwise has been developing the US NEAR ETF since launching its European NEAR exchange-traded product in June 2025. The new product joins Bitwise's US lineup of single-asset crypto offerings tracking Bitcoin, Ether, Solana, XRP, and Hyperliquid.
Token Performance and Strategic Positioning
The NEAR token has gained approximately 167% over the past month, trading around $4.94 on Tuesday according to CoinGecko data. The token is up about 81% over the past year.
NEAR is a layer-1 blockchain for decentralized applications that shifted its strategy toward AI in 2024 and has since emphasized cross-chain infrastructure and autonomous AI agents.
Intents Protocol and Cross-Chain Solutions
NEAR Intents allows users and AI agents to specify desired transactions while third-party solvers compete to execute them across supported blockchains. Hougan highlighted that the protocol's design aligns with the goal-based orientation of large language models and shields them from complexity associated with bridging and other challenges.
Cross-chain usability has driven growth in Intents usage. Hougan stated that bridging and cross-chain abstraction has posed challenges for crypto for nearly a decade, with users losing time and money navigating the space.
The protocol's security role came into focus after NEAR Intents blocked more than $50 million in attempted transfers linked to the Bitget hack. Its SHIELD system froze approximately $503,000 during execution, while roughly $166,000 in suspected stolen funds passed through the protocol.
