Overview
- Bitwise's NEAR ETF debuted on NYSE Arca under the ticker NRR on Tuesday, featuring a 0.75% annual management fee. Bitwise claims it to be the first spot NEAR product available in the U.S.
- On the same day, NEAR was trading at approximately $5.09 on Binance, nearly tripling from its low of around $1.60 in August.
- The fund intends to stake its NEAR holdings to aim for average rewards of roughly 5%, although these rewards are not guaranteed.
On Tuesday, Bitwise launched its NEAR ETF, enabling U.S. investors to invest in the AI-centric NEAR blockchain without needing a cryptocurrency exchange account. The fund is traded on NYSE Arca with the ticker NRR and charges an annual fee of 0.75%, as reported by Bitwise.
Bitwise describes this fund as the first spot NEAR ETF in the U.S., where "spot" indicates that the fund holds actual NEAR tokens rather than relying on futures contracts, which are essentially bets on future price movements.
ETFs operate like stocks, offering a straightforward investment vehicle for those who prefer not to manage a crypto exchange account or wallet, as the tokens are managed within the fund and reflected in standard brokerage apps.
This launch coincides with a recent surge in NEAR's price, which has seen significant gains since May.
Earlier this year, NEAR experienced a notable spike, increasing by 28% in just 24 hours due to advancements in privacy, AI, and scaling, before retreating to around $2 during the summer. It is currently valued at just above $5, giving it a market capitalization of $6.5 billion. However, it is still down approximately 75% from its peak of over $20.
Understanding NEAR
NEAR is classified as a layer-1 blockchain, serving as a foundational network for other applications, similar to Ethereum and Solana. Its mainnet was launched in 2020.
The project's focus on AI is linked to co-founder Illia Polosukhin, who is a co-creator of the Transformer architecture that powers models like ChatGPT. In May 2024, NEAR established an AI research lab led by Polosukhin and fellow co-founder Alex Skidanov.
Bitwise emphasizes the role of AI agents—software that performs tasks on behalf of users, such as making payments or booking travel.
“We’re moving toward a world in which AI agents increasingly act on our behalf, coordinate with one another, and participate in the economy,” said Bitwise CEO Hunter Horsley. “We believe this shift—to an agentic economy where more and more happens through AI agents—could unlock an enormous new frontier for the global economy. NEAR is building a platform for that future.”
Additionally, Bitwise notes that Near Intents, which facilitates asset swaps across various blockchains, has processed over $32 billion in transaction volume.
Bitwise’s ETF also involves staking, which means locking up tokens to assist in validating transactions on the network. In exchange, the network provides rewards, akin to earning interest, but paid in additional tokens. Bitwise indicates that its team will stake the NEAR funds to potentially earn average rewards of about 5%, which would increase the fund's value per share for investors.
However, these rewards are not guaranteed. Bitwise's disclosures highlight that rewards can fluctuate and that staking carries "slashing" risks, where penalties may apply if a validator violates network rules. Furthermore, since the fund only holds one asset, Bitwise cautions that investors could lose a substantial portion or even all of their investment.
Bitwise had submitted Delaware paperwork for the NEAR fund back in April 2025 when the token was valued at $2.61. Grayscale followed suit in January 2026, filing to convert its existing NEAR trust into an ETF while the token was priced around $1.54.
The process became smoother in September 2025 when the SEC approved generic listing standards, allowing exchanges to list qualifying crypto funds without needing individual approvals. Subsequently, funds for Litecoin, Hedera, and Solana began trading that October, including Bitwise's Solana staking ETF.
For the NRR fund, Bitwise imposes an annual fee of 0.75%, which translates to $75 for every $10,000 invested.