Bitwise Asset Management Proposes NEAR ETF
In a significant move, Bitwise Asset Management has proposed the ticker symbol NRR for its upcoming NEAR exchange-traded fund (ETF), as detailed in its most recent amendment to a filing with the U.S. Securities and Exchange Commission (SEC). This third amendment to the Form S-1 registration was submitted on July 31 and is part of Bitwise’s ongoing effort to create a U.S.-listed investment vehicle based on the NEAR cryptocurrency.
Listing and Funding Details
The plan is to list NRR on the NYSE Arca, although actual trading for this product won’t commence until requisite regulatory and exchange approvals are obtained. As part of this initiative, Bitwise has allocated $200 in seed funding, which corresponds to eight shares priced at $25 each, according to the amended filing.
As it stands, the current filing does not specify either the management fees or any potential introductory fee waivers that might be offered, leaving the door open for additional details in future updates as Bitwise moves closer to launching the product.
Structure and Functionality of NRR
Bitwise first initiated this journey by filing for the NEAR fund in May 2025. Unlike traditional ETFs, the proposed product is structured as an exchange-traded product. The primary goal of NRR will be to track the value of NEAR held in trust, deducting for operating costs and other liabilities. Notably, staking has been included as a secondary function, allowing the trust to potentially stake up to 100% of its NEAR holdings, thereby earning protocol rewards that could boost the NEAR reserves for each share. However, this aspect also introduces additional risks including those related to validator performance and liquidity.
The filing indicates that there may be times when not all assets are staked, as some NEAR may need to be retained for operational needs, including redemptions and market volatility. The fund’s custodial functions will be managed by The Bank of New York Mellon, with Coinbase Custody Trust ensuring the safety of the NEAR assets.
Market Context and Competition
Bitwise is entering a landscape where others, such as Grayscale, are also looking to establish NEAR-based investment offerings, highlighting a trend among U.S. asset managers seeking to diversify beyond traditional cryptocurrencies like Bitcoin and Ethereum. Recently, Morgan Stanley has expanded its offerings with new exchange-traded products focusing on Ethereum and Solana, reflecting a broader market interest in digital assets.
As these new funds emerge, it’s important to note that approval from the SEC does not automatically translate to commercial viability. For instance, Hashdex announced the closure of its Bitcoin ETF, DEFI, after it could not attract sufficient investment, underscoring the tight competition and demand for liquidity in this sector. DEFI, which managed roughly $14.7 million before its planned shutdown, illustrates the difficulties funds can face even when tied to the largest cryptocurrency.
Current Market Performance of NEAR
Currently, NEAR has seen a price increase of about 4%, trading around $1.73, following the recent ETF filing and the activation of the Nearcore 2.13 network upgrade. Despite a 10% drop in spot trading volume over the last day, derivatives data indicates that traders are optimistic, with NEAR futures showing nearly a 6% rise in open interest to $365.17 million.
With the SEC still reviewing the ETF, Bitwise has yet to indicate a launch date, and stakeholders can expect additional amendments that might clarify management fees and operational specifics in the near future.
