Bitwise Asset Management's spot NEAR Protocol ETF began trading on NYSE Arca on September 29, 2026, under the ticker NRR, becoming the first US exchange-traded fund to offer direct exposure to NEAR tokens, according to NYSE Arca filings and the SEC's Form 8-A record.

The listing adds a third major layer-1 to the US spot crypto ETF roster, which previously covered Bitcoin and Ether, and a second non-BTC, non-ETH single-asset vehicle inside Bitwise's lineup.

What does the fund actually hold?

The ETF holds NEAR tokens directly rather than tracking them through derivatives or an index. Coinbase Custody Trust serves as the token custodian, with BNY Mellon handling cash operations and administrative duties.

Bitwise plans to stake 100% of the fund's NEAR holdings, channeling staking rewards into the fund's net asset value. The manager retains 33% of staking rewards to offset validator and operational costs; the remaining 67% accrues to shareholders.

Why does the full-staking model matter operationally?

The 100% staking design differs from prior single-asset crypto wrappers, which have held tokens unencumbered or used third-party validators without surfacing rewards to investors. By embedding yield into NAV, the fund offers a defined total-return profile rather than a pure price proxy.

The choice places operational scrutiny on Bitwise's validator selection, slashing-event response and reward compounding cadence. A validator penalty would reduce NAV directly, with no separate reserve disclosed in the registration materials.

What does the product cost?

The ETF carries a 0.75% annual management fee. For traditional brokerage clients, the fee bundles self-custody setup, validator selection and slashing-risk management into a single ticker. For users who already stake NEAR independently, net post-staking yield is lower once Bitwise's 33% deduction is applied.

Initial formation involved $200 for 8 shares priced at $25 each. An affiliate then contributed a $500,000 seed basket of 20,000 shares to seed trading liquidity. The structure mirrors the seed-and-creation template used across spot Bitcoin and Ether ETFs.

How did the product reach approval?

The fund's underlying Delaware statutory trust was organized in April 2025, more than 17 months before launch. Extended incubation windows have become characteristic of single-asset altcoin ETF applicants working through novel questions on staking and custody.

NYSE Arca approved the listing rule filing on September 24, 2026. The SEC confirmed effectiveness of the registration statement the same day via Form 8-A. Shares began trading five days later.

Where does this fit in the market?

NEAR Protocol has marketed itself around AI-related blockchain infrastructure, including decentralized inference and agent-based tooling. The ETF gives that narrative its first US-regulated investment vehicle, broadening the population of investors who can express the thesis through a brokerage account.

NEAR token prices moved toward or above $5 on September 24 following the regulatory green light. Verifiable ETF inflow and AUM data will only emerge once the issuer files its first disclosures.

What comes next?

The first structural milestone ahead is the fund's month-end holdings report, which will provide the first verifiable read on whether the staking wrapper is absorbing existing self-staked NEAR or drawing incremental capital from traditional channels.