Bitwise Asset Management has officially launched the Bitwise NEAR ETF (NRR), the first U.S. spot-traded product providing direct exposure to NEAR, bringing the NEAR Protocol token into an investment vBitwise Asset Management has officially launched the Bitwise NEAR ETF (NRR), the first U.S. spot-traded product providing direct exposure to NEAR, bringing the NEAR Protocol token into an investment v

Bitwise NEAR ETF Launches in the U.S.: How Staking Could Differentiate NRR

#市場觀點

2026/10/06 20:26

Bitwise Asset Management has officially launched the Bitwise NEAR ETF (NRR), the first U.S. spot-traded product providing direct exposure to NEAR, bringing the NEAR Protocol token into an investment vehicle traded on NYSE Arca.

NRR began trading on September 29, 2026, with an annual management fee of 0.75% and directly holds NEAR. More notably, Bitwise plans to stake the fund’s NEAR holdings to generate additional rewards for investors rather than simply tracking the token’s price movements passively.

The launch comes as NEAR has experienced a strong price rally and activity around NEAR Intents has accelerated. DeFiLlama currently records cumulative trading volume for NEAR Intents at more than $32 billion, making the narrative around NEAR increasingly about cross-chain trading and the AI agent economy rather than only its role as a Layer 1 blockchain.

Key Takeaways

Bitwise launched the Bitwise NEAR ETF, ticker NRR, on NYSE Arca on September 29, 2026.

Bitwise describes NRR as the first spot NEAR ETP in the U.S., providing direct exposure to NEAR through the fund’s ownership of the token.

NRR charges an annual 0.75% management fee.

Bitwise aims to stake nearly all NEAR that is not required for liquidity. The NRR website lists a 100% staking target and a 100% actual staking rate as of the latest data in late September.

Bitwise reported a gross staking reward rate of approximately 4.87%, while the net staking reward rate was around 3.26% at the time of publication. These rates may change and are not guaranteed.

SEC filings identify the fund’s primary objective as providing exposure to the value of NEAR held by the fund, while staking is a secondary objective intended to generate additional NEAR for the Trust.

NEAR Intents has recorded more than $32 billion in cumulative DEX volume, including approximately $4.7 billion in volume over the most recent 30 days.

The launch of NRR creates another channel for investors to access NEAR through U.S. capital markets, but it does not eliminate the underlying risks associated with the token, staking, and the crypto market.

What Happened?

Bitwise Brings NEAR to NYSE Arca

On September 29, 2026, Bitwise announced the launch of the Bitwise NEAR ETF, trading under the ticker NRR on NYSE Arca.

According to Bitwise, it is the first spot NEAR ETP in the United States. The fund is designed to allow investors to gain exposure to NEAR without having to set up a crypto wallet, manage private keys, or handle staking themselves.

SEC filings show that the Bitwise NEAR ETF is structured to directly hold NEAR. Its primary investment objective is to reflect the value of the NEAR owned by the Trust after deducting expenses and other liabilities. NAV is calculated using the CME CF NEAR Protocol-Dollar Reference Rate.

NYSE Arca certified approval for the listing of Bitwise NEAR ETF shares on September 28, after the fund’s registration statement became effective on September 24, 2026.

Staking Is a Key Differentiator

NRR does not simply hold NEAR in custody.

Bitwise says it plans to stake the fund’s NEAR through its institutional staking infrastructure. Staking rewards received by the Trust will be added to the Trust’s assets, potentially increasing NAV per share compared with a scenario in which the fund simply holds the token without staking.

The official NRR page reports:

Gross staking reward rate: approximately 4.87%.

Net staking reward rate: approximately 3.26%.

Target percentage of assets staked: 100%.

Current percentage of assets staked at the time of the data: 100%.

However, the 100% target does not mean the fund will always stake absolutely all of its NEAR holdings. Bitwise states that the Trust will stake tokens that are not part of its Liquidity Reserve, and the size of that liquidity reserve may be adjusted. Staking rewards can also fluctuate depending on network conditions and are not guaranteed.

NRR’s Initial Size

Data on the NRR website in late September showed that the fund held approximately 7.2 million NEAR, representing a market value of around $36.5 million, with roughly 1.38 million shares outstanding.

Coinbase Custody Trust Company is listed as the fund’s digital asset custodian. SEC filings also state that Coinbase Custody is responsible for holding NEAR in segregated accounts on behalf of the Trust.

Background / Context

NEAR Rallied Strongly Before the ETF Launch

NRR arrived at a time when NEAR was receiving increased market attention.

On September 21, Cointelegraph reported that NEAR had risen approximately 78% in just one week and was trading near $4.29. By September 29, when NRR was announced, market reports showed that the token had gained more than 160% over roughly one month.

This is why the claim that “NEAR rose 167% in one month” should be tied to the time of the ETF launch, rather than treated as a fixed figure. CoinGecko data showed NEAR closing at approximately $4.89 on September 29, around $5.34 on September 30, and approximately $4.69 on October 2.

Therefore, the price rally occurred before and around the launch of NRR, but there is not enough evidence to conclude that the ETF was responsible for the entire move.

NEAR Intents Becomes an Important Part of the Narrative

One of the most notable developments in the NEAR ecosystem has been the growth of NEAR Intents.

Instead of requiring users to manually execute each technical step when moving assets across multiple blockchains, the intent-based model allows users to specify the outcome they want, while the underlying system determines how to execute the transaction.

DeFiLlama currently records cumulative DEX volume for NEAR Intents at more than $32.1 billion, with approximately $4.7 billion in trading volume over the most recent 30 days.

This is significant because it suggests that the narrative around NEAR is being supported by actual usage of a product within the ecosystem rather than relying purely on market expectations.

However, growth in NEAR Intents does not mean that all of this trading value directly translates into revenue or equivalent demand for NEAR. Volume, revenue, and token value capture are different metrics.

Why It Matters

Bitwise NEAR ETF Expands Access to NEAR

The most direct significance of NRR is that it creates another way for U.S. investors to gain exposure to NEAR through a traditional brokerage account.

An investor who wants to own NEAR directly would generally need to use a crypto exchange or wallet while also managing custody and staking if they want to earn network rewards.

NRR brings these activities into the structure of a product traded on NYSE Arca.

This may be particularly relevant for investors or institutions whose investment policies allow them to purchase listed securities but restrict direct custody of crypto assets.

Staking Changes the Economics of the Product

Staking is what makes NRR different from a product that simply holds the token.

If a fund only holds NEAR, its pre-fee performance would primarily depend on changes in the token’s price. With NRR, the fund also has the potential to earn additional NEAR through staking.

In theory, this additional NEAR could help offset part of the fund’s management costs over time.

Bitwise currently reports a gross staking reward rate of 4.87%, while the fund’s sponsor fee is 0.75%. However, investors should not simply subtract these two figures to calculate their expected return. Staking also involves costs, reward allocation mechanisms, fluctuating reward rates, and operational risks.

NEAR Joins the Broader Single-Asset Crypto ETP Trend

NRR also demonstrates that the U.S. crypto ETP market is expanding beyond Bitcoin and Ethereum.

Bitwise’s product lineup already includes several single-asset products linked to Bitcoin, Ethereum, Solana, XRP, Hyperliquid, and other crypto assets. NRR continues the trend of bringing more blockchain assets into investment structures that can be traded through traditional financial markets.

The important question is not simply whether another token now has an ETF or ETP. The more important issue is whether products outside Bitcoin and Ethereum can attract enough assets and maintain sufficient liquidity over the long term.

Impact

Impact on Bitwise

NRR allows Bitwise to expand its U.S. crypto product lineup while leveraging the staking capabilities the company has been developing.

Bitwise says the launch of NRR also expands its existing NEAR-related operations in Europe, where the company already offers a BaFin-approved staking ETP.

This suggests that Bitwise’s strategy is not limited to providing exposure to token prices. It is also integrating blockchain-native features such as staking into traditional investment products.

The success of this strategy will ultimately depend on AUM, fund inflows, trading liquidity, and the ability to maintain efficient staking operations.

Impact on Investors

NRR reduces some of the operational complexity involved in gaining exposure to NEAR.

Investors do not need to directly manage a wallet or validator in order to gain exposure to the asset and potentially benefit from staking rewards. In exchange, they pay a management fee and depend on the Trust structure, custodian, staking mechanism, and the functioning of traditional securities markets.

One important point is that although the product is named the Bitwise NEAR ETF, Bitwise classifies NRR as an ETP. NRR is not an investment company registered under the Investment Company Act of 1940 and therefore does not receive all of the protections that apply to mutual funds or ETFs registered under that law.

In other words, the fact that NRR trades on NYSE Arca does not eliminate the risks associated with the underlying asset.

Impact on NEAR

NRR could become a new source of demand for NEAR because the Trust must hold the token to support the shares issued by the fund.

If NRR’s AUM grows, the amount of NEAR held by the fund and potentially placed into staking could also increase.

This could strengthen the narrative around institutional adoption of NEAR, particularly because investors can gain exposure to the token through traditional financial infrastructure.

However, there is not yet enough data to conclude that NRR will have a significant long-term impact on NEAR’s price. The fund’s current size should be considered in relation to overall market liquidity, circulating supply, and the token’s trading volume.

Impact on the NEAR Ecosystem

The more important long-term development to watch is the combination of institutional access and network usage.

On one side, NRR creates an investment channel through the traditional stock market. On the other, NEAR Intents is generating real on-chain activity with cumulative volume exceeding $32 billion.

If NEAR Intents continues to expand its volume, user base, and revenue, the investment thesis around NEAR could gain stronger support from measurable network usage.

Conversely, if volume increases only temporarily and does not translate into sustainable activity or meaningful value capture for the ecosystem, the long-term impact may be more limited.

What Happens Next?

Now that NRR has officially begun trading, several metrics will be more important to monitor than the launch announcement itself.

NRR’s AUM and NEAR holdings: This will provide a direct indication of whether investors are actually allocating capital to the product.

Fund inflows and outflows: The existence of the fund does not necessarily imply strong institutional demand. Net inflows over the coming weeks and months will provide a clearer signal.

Percentage of NEAR being staked: Bitwise currently aims to stake nearly 100% of the NEAR outside the Liquidity Reserve, but this percentage may change depending on liquidity requirements.

Actual staking rewards: Investors should monitor the gap between the gross reward rate and the amount of value that ultimately accrues to the fund’s NAV.

NEAR Intents volume: Cumulative volume has already exceeded $32 billion, but growth over the coming months will help determine whether usage is sustainable.

NEAR’s price after the strong rally: The token appreciated significantly before NRR launched. Its ability to maintain network activity and demand after the initial period of excitement will matter more than short-term price movements.

Future crypto ETP launches: NRR is part of the broader expansion of single-asset crypto products in the United States. The response from other asset managers will help reveal the true level of competition in this segment.

At this stage, Bitwise has confirmed that NRR is operational and that staking is part of the fund’s strategy. Factors such as future capital inflows, AUM growth, and the long-term impact on NEAR will require more real-world data before they can be properly evaluated.

FAQ

What Is the Bitwise NEAR ETF?

The Bitwise NEAR ETF, ticker NRR, is a product traded on NYSE Arca that provides exposure to NEAR by directly holding the token. Bitwise describes it as the first spot NEAR ETP in the United States.

When Did the Bitwise NEAR ETF Begin Trading?

NRR began trading on NYSE Arca on September 29, 2026. NYSE Arca certified approval for the listing of the fund’s shares on September 28.

How Much Does the Bitwise NEAR ETF Charge?

NRR charges an annual Sponsor Fee of 0.75%. This management cost should be considered alongside the potential benefits generated through staking.

Does the Bitwise NEAR ETF Stake NEAR?

Yes. Bitwise aims to stake NEAR that is not held in the Liquidity Reserve. The official NRR page lists a 100% staking target, although the actual percentage may be adjusted and staking rewards are not guaranteed.

How Much Trading Volume Has NEAR Intents Generated?

According to DeFiLlama, cumulative DEX volume for NEAR Intents has exceeded $32 billion, including approximately $4.7 billion in volume over the most recent 30 days.

Could the Bitwise NEAR ETF Cause NEAR's Price to Rise?

NRR could support the institutional adoption narrative and create an additional source of demand if the fund attracts new capital. However, there is not enough evidence to conclude that the ETF will cause NEAR’s price to increase, as the token’s price also depends on broader market conditions, liquidity, network activity, crypto capital flows, and many other factors.

Disclaimer: The information provided here is for informational purposes only and should not be considered financial, investment, legal, or professional advice. Always conduct your own research, consider your financial situation, and, if necessary, consult with a licensed professional before making any decisions.

市場機遇

NEAR實時價格 (NEAR)

$5.2491

$5.2491$5.2491

USD

NEAR (NEAR) 實時價格圖表

本頁面分享的文章均源自公開平台，僅供參考。該內容不代表 MEXC 的立場或觀點。所有版權歸 Nguyen Rin Hoang 所有。如果您認為任何內容侵犯了第三方的權益，請聯絡 [email protected] 以便及時刪除。 MEXC 不保證任何內容的準確性、完整性或及時性，且不對基於所提供信息而採取的任何行動負責。本內容不構成財務、法律或其他專業建議，亦不應被解釋為 MEXC 的推薦或認可。如需專家見解和深入分析，請造訪 MEXC 學院。