Bitwise has received approval from NYSE Arca to list and trade shares of its NEAR ETF under the ticker symbol NRR. The spot exchange-traded fund is linked to Near Protocol and is expected to launch soon, pending CERT and other required filings.
The fund aims to provide regulated exposure to Near Protocol tokens held by the trust, alongside additional rewards through staking. The Bitwise NEAR ETF carries a management fee of 0.75%, and the issuer intends to stake 100% of the NEAR holdings. Registration details indicate that staking expenses will equal 33% of the additional NEAR generated by the trust's staking activities.
Ahead of the anticipated launch next week, Bitwise Investment Manager is expected to purchase 20,000 initial shares for $500,000, following an earlier purchase of 8 shares at $25 each. The crypto asset manager has also filed a 424(b)(3) prospectus, a document typically used when a registration statement is effective and the product is ready to be offered to investors.
NEAR Price and Market Activity
Following the regulatory developments, the price of NEAR experienced significant movement, trading around $5 after reaching a 24-hour high of $5.05. The token has extended a broader rally that includes a 36% increase over the past week and a total value locked (TVL) surpassing $210 million.
Derivatives market data showed increased activity alongside the price surge. Total NEAR futures open interest jumped by roughly 15% to reach $1.49 billion over a 24-hour period, reflecting bullish sentiment among derivatives traders, even as overall trading volume experienced a 33% decline.
