Bitwise has disclosed that NRR will be used as the ticker for its anticipated spot NEAR ETF in a recent submission to the US Securities and Exchange Commission.
Summary
- Bitwise has filed Amendment No. 3 to the registration statement for its anticipated NEAR ETF.
- The fund is intended to trade under the NRR ticker on NYSE Arca, pending regulatory approval.
- Bitwise aims to stake up to 100% of the trust’s NEAR assets to potentially generate additional income.
- NEAR rose about 4% to $1.73, with futures open interest climbing nearly 6%.
Bitwise NEAR ETF Announces NRR Ticker
Bitwise submitted the third amendment to its Form S-1 registration statement on July 31, advancing its plans to launch a US-listed investment vehicle backed by NEAR.
This recent filing specifies NRR as the proposed ticker, aiming to list shares on NYSE Arca once all necessary registrations and approvals are finalized.
Bitwise Asset Management, the parent organization behind the sponsor, allocated $200 in seed money, which covered eight shares priced at $25 each according to the filing.
Details about the fund’s management fee or any temporary fee waivers are not included in this amendment and may be provided in future filings as Bitwise prepares for a potential launch.
The initial registration statement for the NEAR product was filed in May 2025. The proposed fund is designed as an exchange-traded product, distinguishing it from conventional investment company ETFs.
Staking May Generate Additional Income
NRR aims primarily to track the value of NEAR held by the trust, subtracting operating expenses and other liabilities.
Bitwise has introduced staking as a secondary goal. The trust plans to stake up to 100% of its NEAR assets to earn protocol rewards, which could enhance the NEAR backing per share.
This staking feature sets the proposed fund apart from those that only follow spot cryptocurrency prices. Nevertheless, it also introduces additional risks concerning validator performance, liquidity, custody, and the duration required to unstake tokens.
The filing does not assure that all assets will always be staked, as the trust may need to retain some liquid NEAR for redemptions, expenses, or to respond to market conditions.
The Bank of New York Mellon will serve as the cash custodian, administrator, and transfer agent for the fund, while Coinbase Custody Trust Company will safeguard the NEAR assets.
Bitwise is not the sole entity pursuing this asset; Grayscale has also revised its filing for a proposed NEAR investment vehicle, aligning with a broader trend among US asset managers eager to diversify beyond Bitcoin and Ethereum.
US Crypto Products Diversify Beyond Bitcoin
The Bitwise filing aligns with a trend of Wall Street companies expanding their digital asset offerings. In late July, Morgan Stanley Investment Management introduced exchange-traded products tracking Ethereum and Solana.
The Morgan Stanley Ethereum Trust and Morgan Stanley Solana Trust are trading on NYSE Arca under the MSSE and MSOL tickers, both with an annual management fee of 0.14%.
These rollouts demonstrate that US brokerage investors now have access to a broader range of cryptocurrencies without the need to manage digital wallets or private keys. An approved NEAR product would further enhance this diversification into another proof-of-stake network.
However, securing approval does not ensure commercial success; Hashdex is planning to shut down its US-listed Bitcoin ETF, DEFI, after facing challenges in attracting adequate assets and trading activity.
As of July 30, DEFI managed approximately $14.7 million and is poised to cease trading following the market close on Aug. 17, emphasizing the importance of fees, liquidity, and investor demand even for Bitcoin-linked funds.
NEAR Price Rises Amid Increased Derivatives Demand
NEAR was trading at around $1.73, reflecting an increase of about 4%, with an intraday price fluctuation between $1.69 and $1.73. This price action followed the amended ETF filing and the implementation of the Nearcore 2.13 network upgrade.
Spot trading volume dipped about 10% in the past 24 hours, suggesting that the price recovery has yet to draw broad market engagement.
In contrast, derivatives positioning exhibited strength, with CoinGlass data indicating NEAR futures open interest increasing by nearly 6% to $365.17 million, highlighting that traders are amplifying their leveraged exposure.
The ETF remains subject to the SEC’s review processes, and Bitwise has yet to announce a launch date. Future amendments might disclose details about management fees, potential waivers, and final operational parameters.
