Asset manager Bitwise officially launched a spot NEAR Protocol (NEAR) exchange-traded fund on NYSE Arca, trading under the ticker NRR with a 0.75% annual management fee. The fund holds NEAR directly with Coinbase Custody serving as custodian. The SEC registration took effect on September 24, following Bitwise's initial filing in May 2025.
Bitwise describes NRR as the first spot NEAR exchange-traded product in the United States. The company already operates a BaFin-approved NEAR staking product in Europe.
Staking Strategy and Fee Structure
According to the fund's prospectus, Bitwise plans to stake all NEAR held by the fund. Based on staking rates as of September 25, NEAR's average staking reward is approximately 5% annually.
The fund retains 67% of staking-generated rewards, while the remaining 33% covers staking expenses shared among three parties: the staking agent, Coinbase Custody, and Bitwise. Attestant, listed as a Bitwise affiliate, is expected to serve as the staking agent.
The prospectus notes that staking could delay redemptions, as staked NEAR requires approximately 48 hours to unlock under normal conditions.
NEAR Protocol Details
NEAR's cross-chain transaction protocol, NEAR Intents, has processed over $32 billion in volume, up from under $1 billion a year earlier, according to Bitwise. The network's market value exceeds $6 billion, with the token trading near $5.00 on Coinbase on the launch date.
Comparison to Other Bitwise Staking Products
Bitwise's staking fee structure for NRR differs from other cryptocurrency ETFs the company manages. The Hyperliquid ETF (BHYP), which launched in May, allocates 25% of staking rewards to expenses and charges a 0.34% management fee. The Avalanche ETF (BAVA) sets staking expenses at 12% with the same 0.34% management fee, according to its April prospectus.
Competing NEAR Product
Grayscale filed in January to convert its NEAR trust into a spot ETF. That trust continues trading over-the-counter under ticker GSNR and charges a 2.5% annual fee. Grayscale's June 12 amendment indicated the proposed ETF's annual fee had not yet been determined.
