Key Takeaways:
- Bitwise filed amendment no. 3 to its NEAR ETF S-1, revealing NRR as the ticker
- The trust will stake 100% of NEAR holdings for additional investor income
- NEAR price rose 4% to $1.73 as futures open interest climbed 6%
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Bitwise NEAR ETF reveals NRR ticker, NEAR gains 4% on S-1
Bitwise filed amendment no. 3 to its NEAR ETF S-1 with the SEC, revealing NRR as the ticker, as NEAR rose 4% to $1.73.
The registration statement shows Bitwise Asset Management, the sponsor's parent, purchased $200 worth of seed shares at $25 each. The Bank of New York Mellon will serve as cash custodian, administrator, and transfer agent, while Coinbase Custody handles crypto custody.
NEAR Protocol price rose 4% to $1.73 as the Nearcore 2.13 upgrade launched alongside the filing update. CoinGlass data shows NEAR futures open interest climbed almost 6% to $365.17 million in the last 24 hours, with Binance, OKX, and Bybit OI up 1.22%, 1.47%, and 1.68% respectively in the past hour.
The filing advances Bitwise's spot NEAR ETF toward launch, joining Grayscale's amended NEAR ETF filing as institutional interest in AI-focused altcoins grows. The trust intends to stake 100% of NEAR holdings as a secondary objective to generate additional income for investors.
Staking Feature and Custody Details
The staking feature was added in an earlier amendment, giving the fund a yield component on top of NEAR price exposure. The trust intends to stake 100% of its NEAR holdings, a structure that could generate meaningful additional returns for investors depending on network staking yields. Management fees and potential fee waivers have not yet been disclosed. The trust's dual objective — price exposure plus staking income — differentiates it from traditional single-asset ETFs.
NEAR Price Action and Derivatives
NEAR Protocol price traded at $1.73 with a 24-hour low and high of $1.69 and $1.73, respectively. The token launched the Nearcore 2.13 upgrade, which introduces staking-based payments on the network. Trading volume dropped 10% over the last 24 hours, indicating traders remain cautious as yen carry trade unwind risks persist. However, NEAR price is bouncing off the 200-day moving average, suggesting technical support at current levels.
The derivatives market showed strong buying activity. Total NEAR futures open interest jumped almost 6% to $365.17 million in the last 24 hours. Binance OI climbed 1.22%, OKX rose 1.47%, and Bybit gained 1.68% in the past hour. The rising OI alongside price gains suggests new long positions are being opened rather than short covering.
Grayscale also amended its NEAR ETF filing with the SEC, coming as institutional interest in artificial intelligence grows following the SpaceX IPO frenzy. The parallel filings from two major asset managers show growing demand for regulated NEAR exposure. Both funds would compete for investor capital in the emerging AI-focused altcoin ETF category.
The Bitwise NEAR ETF aims to offer exposure to NEAR price and additional income through staking. If approved, the fund would provide a regulated investment vehicle for NEAR, potentially driving demand and liquidity for the asset. The SEC's review timeline remains uncertain, but the amendment progress suggests the filing is advancing through the approval process.
This article is for informational purposes only and does not constitute investment advice.
