Bitwise launches first US spot Near ETF after token nearly triples since August

Bitwise began trading what it calls the first US spot Near ETF on Tuesday, after the token nearly tripled since August. The fund trades on NYSE Arca under the ticker NRR. Bitwise says the fund charges a 0.75% annual fee. The spot fund holds Near tokens rather than futures contracts. Near trades just above $5 and has a $6.5 billion market capitalization. The token remains down about 75% from its all-time high above $20. Bitwise says its in-house team will stake the fund's tokens for average rewards of about 5%, which are not guaranteed. Bitwise says those rewards would increase the fund's value per share. Its disclosures warn that staking rewards can change and that validators can incur penalties for breaking network rules. Bitwise also warns that investors could lose a significant part or all of their money because the fund holds only one asset. Bitwise says Near Intents, a service for swapping assets across blockchains, has handled more than $32 billion in volume. Bitwise filed Delaware paperwork for a Near fund in April 2025. Grayscale filed to convert its existing Near trust into an ETF in January 2026. The SEC approved generic listing standards for qualifying crypto funds in September 2025, removing the need for separate approval of each fund.