Key facts
- Bitwise NEAR ETF filed an updated S-1 registration statement with the US SEC.
- The ETF's ticker symbol will be NRR.
- The fund plans to list on NYSE Arca.
- It will offer exposure to NEAR price and generate income through staking.
- Coinbase Custody will serve as the crypto custodian.
- Grayscale also amended its NEAR ETF filing.
Bitwise NEAR ETF has submitted an updated S-1 filing to the US Securities and Exchange Commission (SEC), signaling progress toward the launch of its spot exchange-traded fund. The filing, which is amendment no. 3 to the registration statement, reveals the ticker symbol NRR and confirms plans for the ETF to trade on NYSE Arca.
The proposed ETF aims to provide investors with exposure to the price of NEAR Protocol's native token, NEAR, and generate additional income through staking. Bitwise Asset Management, the sponsor's parent, has purchased $200 worth of seed capital shares, consisting of 8 shares at $25 each.
The trust intends to stake 100% of its NEAR holdings. Management fees and potential fee waivers have not yet been disclosed. The Bank of New York Mellon has been appointed as the cash custodian, administrator, and transfer agent, while Coinbase Custody will serve as the crypto custodian.
This development follows Grayscale's recent amendment to its own NEAR ETF filing. The announcement has coincided with a 4% price rebound in NEAR Protocol, driven by the launch of the Nearcore 2.13 upgrade and staking-based payments. NEAR is currently trading at $1.73. Trading volume has seen a 10% decrease in the last 24 hours, though the price is showing resilience by bouncing off the 200-day moving average. Data from CoinGlass indicates a significant increase in derivatives market activity, with total NEAR Protocol futures open interest rising by nearly 6% to $365.17 million in the past 24 hours.