What to know:
- Bitwise NEAR ETF reveals NRR as its ticker and plans to list its shares on NYSE Arca.
- The Bitwise NEAR ETF plans to stake up to 100% of its tokens to earn network rewards.
- Coinbase will custody the NEAR holdings, while BNY Mellon will manage cash and records.
Bitwise has moved its proposed NEAR fund closer to the market by updating its S-1 registration statement. The latest Bitwise NEAR ETF filing reveals the NRR ticker, a staking plan, and service providers, while leaving its management fee undisclosed.
The company submitted amendment No. 3 to the U.S. Securities and Exchange Commission. Bitwise plans to list the shares on NYSE Arca if regulators approve the product.
How Will the Bitwise NEAR ETF Work?
The Bitwise NEAR ETF would give investors exposure to NEAR without requiring a personal wallet or private keys. Bitwise Asset Management provided $200 in seed capital by purchasing eight shares at $25 each.
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In May 2025, Bitwise first filed for the proposed security. However, the trust is categorized as an exchange-traded product and not an investment company fund even though it is branded as an ETF.
Its primary goal is to track the NEAR held in the trust. Any expenses or other liabilities will be subtracted while calculating the value per share.
The trust will aim to make money through staking of its tokens. The filing permits up to 100% of the trust’s NEAR tokens to be staked on the network.
Protocol fees might lead to more tokens per share. This is different from that of a fund following the crypto’s spot price.
Staking comes with additional risks for the trust. It could face issues due to validators, custody and liquidity risks, or unstaking delays affecting its liquidity.
The trust will not necessarily stake all of its tokens. The trust will maintain some liquid funds for redemptions, fees, and market conditions.
NEAR will be custodied with Coinbase Custody Trust Company. BNY Mellon will manage the cash custody and administration and transfer agent services.
Grayscale is developing a separate NEAR investment product. Grayscale too has updated its filing along with many asset managers.
What Could Drive Bitwise NEAR ETF Demand?
Morgan Stanley Investment Management came into the market by the end of July. It offered Ethereum and Solana offerings on NYSE Arca through the MSSE and MSOL symbols.
Each Morgan Stanley offering will have a management fee of 0.14%. The launch expanded the list of crypto assets that could be purchased through a broker account.
Approval itself does not guarantee success for a crypto fund, as pricing, liquidity, and trading volumes play a big role after a product comes onto the market.
For instance, Hashdex will delist its U.S.-listed DEFI Bitcoin ETF, as the fund did not manage to accumulate enough assets and trading volume. As of July 30th, DEFI had only $14.7 million in assets. The fund will stop trading after the closure of the Aug. 17 trading day.
NEAR is trading around $1.74, up by 4% over the past day. The price fluctuated between $1.69 and $1.74. The rally happened due to the updated Bitwise filing and Nearcore 2.13 upgrade of the NEAR network. NRR will start trading on NYSE Arca upon receiving the SEC approval.
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