Bitwise NEAR ETF Clears NYSE Arca With 0.75% Fee And Staking Plan

Bitwise Asset Management’s planned Near Protocol (NEAR) ETF cleared its NYSE Arca listing application as NEAR jumped about 20% and traded near $5.

Key Points:

Bitwise’s NEAR ETF is set to trade under the ticker NRR after NYSE Arca approved its listing application.

The fund carries a 0.75% annual management fee and currently intends to stake 100% of its NEAR holdings.

NEAR rose about 20% in 24 hours, while futures open interest climbed to roughly $1.49 billion.

Bitwise ETF Approval

NYSE Arca approved the application to list and trade shares of the Bitwise NEAR ETF under the ticker NRR. A Sept. 24 Form 8-A filed for the trust says the exchange approved the listing application, while the registration covers the shares under Section 12(b) of the Securities Exchange Act. Trading has not begun.

The latest prospectus sets a 0.75% annual sponsor fee and says the trust currently intends to stake 100% of its NEAR holdings, subject to liquidity needs. “The Staking Expenses will equal 33% of the amount of the additional NEAR generated,” the prospectus says, leaving the trust with about 67% of generated staking rewards.

Bitwise Asset Management had previously funded eight shares at $25 each, or $200 in total. Bitwise Investment Manager is expected to buy 20,000 initial shares for $500,000. CoinGape said the ETF could launch next week, pending remaining certification and other required filings.

Also Read: GPT-6 Cyber Nears Preview As OpenAI Doubles Down On AI Defense

NEAR Market Reaction

NEAR traded around $5 after reaching a 24-hour high of $5.05, with the token up about 20% over the previous day. The move extended a weekly gain of roughly 36%, while the network’s total value locked had climbed above $210 million.

CoinGlass data cited by CoinGape showed NEAR futures open interest rising nearly 15% over 24 hours to about $1.49 billion, including an increase of almost 10% in four hours.

Trading volume, however, fell 33% over the same 24-hour period. The figures show derivatives activity expanding while reported trading volume moved in the opposite direction.

The rally was already underway before the listing approval. NEAR had gained about 36% over the previous week before the latest session pushed the token toward $5, extending a move that had already drawn more derivatives positioning.

Murtuza Merchant

Murtuza is a seasoned finance journalist with extensive experience covering cryptocurrencies and blockchain technology. He has contributed to Benzinga and Cointelegraph, among other publications, reporting on emerging trends, the regulatory landscape, and more. Find him at @murtuza_merc on Twitter and mmerchant001 on Telegram. Disclosure: Murtuza holds ATOM, AKT, TIA, INJ, and OSMO.