Key Takeaways
- • Bitwise launched the first US spot NEAR Protocol ETF (ticker: NRR) on NYSE Arca on September 29, 2026, capturing $35.5 million in first-day inflows and securing SEC registration effective September 24, 2025.
- • The fund charges a 0.75% annual management fee and holds NEAR directly with Coinbase Custody as custodian, targeting the protocol's estimated 5% annual staking rewards.
- • Staking fee structure diverts 33% of generated rewards to cover expenses shared among staking agent Attestant (a Bitwise affiliate), Coinbase Custody, and Bitwise—leaving investors with approximately 67% of staking yields.
- • NEAR Protocol's market capitalization exceeds $6 billion, with the token trading near $5.00 on Coinbase at launch; the network's cross-chain transaction protocol (NEAR Intents) has processed over $32 billion in volume, up from under $1 billion year-over-year.
- • Bitwise positions NEAR at the intersection of AI and cryptocurrency trends, with Chief Investment Officer Matt Hougan emphasizing the protocol's role in enabling AI agents requiring fast settlement without single-custodian reliance.
Summary
Bitwise Investments officially launched the Bitwise NEAR ETF (NRR) on NYSE Arca on Tuesday, September 29, 2026, marking the first spot NEAR Protocol exchange-traded product available to US investors. The fund achieved $35.5 million in first-day inflows, demonstrating institutional and retail interest in gaining regulated exposure to the NEAR ecosystem. SEC registration took effect on September 24, following an initial filing in May 2025. The ETF holds NEAR directly, with Coinbase Custody serving as the custodian.
The fund's fee structure comprises a 0.75% annual management fee, positioning it competitively within the crypto ETF landscape. More significantly, Bitwise plans to stake all fund holdings to capture NEAR's staking rewards, currently averaging approximately 5% annually as of September 25, 2026. However, the staking mechanism carries a notable cost: 33% of all staking rewards are allocated to cover staking expenses, shared among three parties—Attestant (identified as a Bitwise affiliate and the designated staking agent), Coinbase Custody, and Bitwise itself. This arrangement leaves fund shareholders with approximately 67% of gross staking yields. For comparison, Bitwise's Hyperliquid ETF (BHYP), which launched in May with in-house staking, allocates 25% of rewards to staking expenses.
NEAR Protocol operates as a blockchain infrastructure platform positioned at the convergence of artificial intelligence and cryptocurrency. The network's market capitalization exceeds $6 billion, with the token trading near $5.00 on Coinbase at launch. Matt Hougan, Bitwise's Chief Investment Officer, emphasized NEAR's relevance for AI agents that require fast settlement mechanisms without reliance on centralized custodians. He cited NEAR Intents—the protocol's cross-chain transaction framework—as an early example, noting the platform has processed over $32 billion in transaction volume, a significant increase from under $1 billion a year prior.
The launch arrives during a period of substantial momentum for the NEAR token, with reports indicating the asset has appreciated nearly threefold since August 2026. The ETF structure provides institutional and retail investors with SEC-regulated exposure to NEAR's ecosystem without requiring direct token custody or self-directed staking operations. By consolidating staking infrastructure under a single fund vehicle, Bitwise positions NRR as a convenient mechanism for investors seeking both spot price exposure and yield participation in the NEAR protocol.
The fund's fee structure comprises a 0.75% annual management fee, positioning it competitively within the crypto ETF landscape. More significantly, Bitwise plans to stake all fund holdings to capture NEAR's staking rewards, currently averaging approximately 5% annually as of September 25, 2026. However, the staking mechanism carries a notable cost: 33% of all staking rewards are allocated to cover staking expenses, shared among three parties—Attestant (identified as a Bitwise affiliate and the designated staking agent), Coinbase Custody, and Bitwise itself. This arrangement leaves fund shareholders with approximately 67% of gross staking yields. For comparison, Bitwise's Hyperliquid ETF (BHYP), which launched in May with in-house staking, allocates 25% of rewards to staking expenses.
NEAR Protocol operates as a blockchain infrastructure platform positioned at the convergence of artificial intelligence and cryptocurrency. The network's market capitalization exceeds $6 billion, with the token trading near $5.00 on Coinbase at launch. Matt Hougan, Bitwise's Chief Investment Officer, emphasized NEAR's relevance for AI agents that require fast settlement mechanisms without reliance on centralized custodians. He cited NEAR Intents—the protocol's cross-chain transaction framework—as an early example, noting the platform has processed over $32 billion in transaction volume, a significant increase from under $1 billion a year prior.
The launch arrives during a period of substantial momentum for the NEAR token, with reports indicating the asset has appreciated nearly threefold since August 2026. The ETF structure provides institutional and retail investors with SEC-regulated exposure to NEAR's ecosystem without requiring direct token custody or self-directed staking operations. By consolidating staking infrastructure under a single fund vehicle, Bitwise positions NRR as a convenient mechanism for investors seeking both spot price exposure and yield participation in the NEAR protocol.
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