Bitwise has disclosed NRR as the ticker for its proposed spot NEAR ETF in an amended filing with the US Securities and Exchange Commission.
Summary
- Bitwise filed Amendment No. 3 to the registration statement for its proposed NEAR ETF.
- The fund would trade under the NRR ticker on NYSE Arca if approved.
- Bitwise intends to stake up to 100% of the trust’s NEAR holdings to earn additional income.
- NEAR rose about 4% to $1.73, while futures open interest climbed nearly 6%.
Bitwise NEAR ETF discloses NRR ticker
Bitwise submitted the third amendment to its Form S-1 registration statement on July 31, advancing its plan to offer a US-listed investment product backed by NEAR.
The latest filing identifies NRR as the proposed ticker. Bitwise intends to list the shares on NYSE Arca, although the product cannot begin trading until the necessary registration and exchange approvals are completed.
Bitwise Asset Management, the sponsor’s parent company, also provided $200 in seed capital. The investment covered eight shares priced at $25 each, according to the filing.
The amendment does not disclose the fund’s management fee or any introductory fee waiver. Those details may be added in a later filing as Bitwise prepares the product for a potential launch.
Bitwise originally filed the registration statement for the NEAR product in May 2025. The proposed fund is legally structured as an exchange-traded product rather than a conventional investment company ETF.
Staking could generate additional income
NRR would primarily seek to track the value of NEAR held by the trust, minus its operating costs and other liabilities.
Bitwise has also added staking as a secondary objective. The trust intends to stake up to 100% of its NEAR holdings, allowing it to earn protocol rewards that could increase the amount of NEAR backing each share.
Staking would distinguish the proposed fund from products designed only to track spot cryptocurrency prices. However, the arrangement introduces additional risks related to validator performance, liquidity, custody and the time required to unstake tokens.
The filing does not guarantee that all assets will remain staked at all times. The trust may need to retain liquid NEAR to process redemptions, cover expenses or respond to changing market conditions.
The Bank of New York Mellon would serve as the fund’s cash custodian, administrator and transfer agent. Coinbase Custody Trust Company would safeguard its NEAR holdings.
Bitwise is not alone in pursuing the asset. Grayscale has also amended its filing for a proposed NEAR investment product, reflecting a broader push by US asset managers to expand beyond Bitcoin and Ethereum.
US crypto products move beyond Bitcoin
The Bitwise filing comes as Wall Street firms broaden their digital asset offerings. Morgan Stanley Investment Management launched exchange-traded products tracking Ethereum and Solana in late July.
The Morgan Stanley Ethereum Trust and Morgan Stanley Solana Trust trade on NYSE Arca under the MSSE and MSOL tickers. Both charge an annual management fee of 0.14%.
These launches show that US brokerage investors are gaining access to a wider range of cryptocurrencies without managing digital wallets or private keys. An approved NEAR product would extend that expansion to another proof-of-stake network.
Still, securing approval does not ensure commercial success. Hashdex plans to close and liquidate its US-listed Bitcoin ETF, DEFI, after the fund struggled to attract sufficient assets and trading activity.
DEFI managed about $14.7 million as of July 30 and will stop trading after the market closes on Aug. 17. Its closure shows that fees, liquidity and investor demand remain critical even for funds tracking Bitcoin, the largest cryptocurrency.
NEAR price rises as derivatives demand grows
NEAR traded around $1.73 after gaining approximately 4%, with an intraday range between $1.69 and $1.73. The move followed the amended ETF filing and the rollout of the Nearcore 2.13 network upgrade.
Spot trading volume fell about 10% over the previous 24 hours, suggesting the price recovery had not yet attracted broad market participation.
Derivatives positioning was stronger. CoinGlass data showed NEAR futures open interest rising nearly 6% to $365.17 million, indicating that traders increased their leveraged exposure.
The ETF remains subject to the SEC process, and Bitwise has not announced a launch date. Future amendments could disclose the management fee, fee waivers, and final operating terms.
