Bitwise has launched the Bitwise NEAR ETF (NRR), the first U.S. spot exchange-traded product giving direct exposure to NEAR, with trading starting Sept. 29 on NYSE Arca, according to The Block.
The fund charges a 0.75% management fee, and Bitwise plans to stake its NEAR holdings in-house, with staking rewards flowing to shareholders through the fund’s NAV. The firm is targeting NEAR’s average staking yield of roughly 5%. Coinbase Custody serves as custodian for the trust’s tokens, and NYSE Arca certified the fund’s SEC registration on Sept. 28, a day before trading opened.
The launch follows a sharp rally in the underlying asset. NEAR was trading at $5.04, up about 175% over 30 days from below $2 at the start of September. Bitwise is pitching the token as infrastructure for AI-driven commerce. According to the firm, volume on NEAR Intents, the network’s cross-chain transaction protocol, has climbed above $32 billion, up from less than $1 billion a year ago. Bitwise CIO Matt Hougan told Cointelegraph the firm views AI agents as a growing use case for NEAR and has already observed agents using the network. CEO Hunter Horsley described a shift toward a world where “AI agents increasingly act on our behalf”.
NRR joins Bitwise’s single-asset lineup alongside its Bitcoin, Ethereum, Solana, XRP and Hyperliquid products. Competition is building: Grayscale filed in January to convert its own NEAR trust into an ETF. At the same time, Bitwise is trimming elsewhere. The firm is winding down its Dogecoin ETF, BWOW, which stops trading on October 14. That suggests issuers are becoming more selective about which altcoin products can sustain demand.
The fund’s first weeks of flow data will show whether demand for NEAR extends beyond the price rally. That is the key test for a launch that followed a near-tripling in the token’s price.
