Bitwise launches first U.S. spot NEAR ETF as token approaches $5
Bitwise introduced the NRR exchange-traded fund on September 29, 2026, marking the first U.S. spot ETF to offer direct exposure to the NEAR token, with trading commencing on NYSE Arca. The fund holds NEAR tokens directly rather than using derivatives, charges a 0.75% management fee, and plans to distribute staking rewards to shareholders via net asset value adjustments. The launch coincided with NEAR trading near $4.93, giving retail investors traditional brokerage access to the cryptocurrency as it approaches a $5 level.
The September 2026 launch represents a significant regulatory milestone for cryptocurrency investment infrastructure. Bitwise's approval process spanned approximately 17 months from the fund's formation as a Delaware trust in April 2025 through SEC validation in late September 2026. The fund's structure incorporates institutional-grade custody arrangements, with Coinbase handling token safekeeping while BNY Mellon manages cash administration—a setup designed to meet regulatory standards for traditional brokerage integration.
The staking mechanism embedded in NRR distinguishes it from earlier spot crypto ETFs. By directing NEAR holdings into Bitwise's institutional staking operation, the fund generates yield that compounds within shareholders' NAV rather than remaining dormant. The firm cited a 5% annualized staking rate as of late September 2026, though it emphasized this figure fluctuates with network conditions and carries no performance guarantee.
This product could broaden cryptocurrency access for retail investors uncomfortable with direct exchange custody or lacking digital wallet literacy. Traditional brokerage integration may reduce adoption friction while regulatory clarity could strengthen institutional confidence in crypto-native assets. Conversely, ETF-based exposure may concentrate token holdings among fewer custodians, potentially affecting decentralization principles underlying blockchain networks. The embedded staking feature introduces yield considerations that could reshape how retail participants evaluate cryptocurrency holdings relative to traditional assets.