Key facts
- Bitwise NEAR ETF approved for listing on NYSE Arca under ticker NRR.
- This is the first spot ETF linked to Near Protocol.
- The ETF has a management fee of 0.75%.
- Bitwise intends to stake 100% of the NEAR tokens held by the trust.
- NEAR token price has rallied nearly 175% in the past week.
- NEAR futures open interest increased by 15% to $1.49 billion in 24 hours.
The Bitwise NEAR ETF has received approval from NYSE Arca to list and trade under the ticker symbol NRR, marking a significant development for the Near Protocol ecosystem. This approval signifies the effectiveness of its S-1 registration statement with the SEC, paving the way for the launch of the first spot exchange-traded fund directly linked to Near Protocol tokens. The ETF will feature a management fee of 0.75% and intends to stake 100% of the NEAR tokens it holds, with 33% of the generated staking rewards allocated to cover staking expenses. Bitwise Investment Manager is anticipated to purchase an initial 20,000 shares valued at $500,000. The ETF is expected to launch next week, pending final regulatory filings. In parallel, the NEAR token has experienced a substantial rally, surging 20% in the past 24 hours and nearly 175% over the last week, reaching a high of $5.05. Derivatives markets also show a bullish sentiment, with NEAR futures open interest climbing by 15% to $1.49 billion in the last day.