Bitwise has officially launched the first US spot exchange-traded fund (ETF) for the NEAR token, which began trading on NYSE Arca. This launch comes at a time when the NEAR token has surged over 160% in value, reaching approximately $4.94.
The Bitwise NEAR ETF, identified by the ticker NRR, features a management fee of 0.75% and will hold NEAR tokens directly. Bitwise plans to stake a significant portion of these tokens to enhance returns for investors.
Recent data indicates a substantial increase in activity on NEAR Intents, the network's cross-chain transaction protocol, with transaction volumes skyrocketing from under $1 billion to over $32 billion year-over-year. This uptick has drawn attention to NEAR's potential in the evolving crypto landscape.
Bitwise's chief investment officer, Matt Hougan, highlighted the growing role of AI agents in driving demand for NEAR, noting that while most current activity is human-driven, the future could see increased automation in transactions. The firm has been developing the US NEAR ETF since launching a similar product in Europe in June 2025.
As NEAR continues to adapt its strategy towards AI and cross-chain capabilities, it aims to capitalize on the rising interest from financial institutions in blockchain-based payment infrastructures. The recent launch of the NEAR ETF positions Bitwise at the forefront of this innovative market shift.