Bitwise Investment Advisers’ Bitwise NEAR Protocol ETF, known by the ticker NRR, is built to hold NEAR directly while also seeking additional tokens through staking. The prospectus identifies NYSE Arca as the intended exchange for the shares and lays out the fund’s proposed structure.
The fund’s primary objective is to reflect the value of the NEAR held by the Trust, after accounting for operating expenses and other liabilities. Its secondary objective is to earn additional NEAR from staking. This gives NRR a structure that combines direct exposure to an altcoin with a potential staking-based return.
Bitwise’s fund website lists NYSE Arca as the exchange and September 28, 2026, as the product’s inception date. The SEC filing, however, describes the NYSE Arca listing in prospective terms. The prospectus outlines the proposed framework, while the fund website provides separate information about its operations.
NEAR’s links to artificial intelligence and the developing agentic economy have helped shape the broader narrative around the ETF. The investment structure remains centered on direct token ownership and staking. While AI-related demand could increase interest in NEAR, it does not change the fund’s exposure to the token’s price or guarantee that staking returns will protect investors during a market decline.
NRR’s Custody and Staking Model
Coinbase Custody Trust Company will hold the Trust’s NEAR in segregated accounts as the fund’s custodian. NRR may stake some or all of its NEAR, with staking agents selected by the sponsor responsible for operating validators tied to the staked assets.
The ETF will calculate its NAV using the CME CF NEAR Protocol, Dollar Reference Rate, New York Variant, which is based on executed trades from major NEAR markets. NRR has a 0.75% annual unitary management fee applied to its NEAR holdings.
Staking rewards received by the Trust are added to its assets and can increase the NAV per share. However, staking returns can change as network reward rates fluctuate and should not be treated as a guaranteed yield. The performance of validators, staking agents and custody arrangements can also affect the strategy.
The fund creates and redeems shares in baskets of 10,000 through authorized participants. This mechanism connects the share structure to the amount of NEAR attributable to each share. Even so, exchange-traded shares can trade above or below NAV, creating potential premiums or discounts for investors.
Brokerage costs, the 0.75% management fee and differences between the market price and NAV can all influence realized returns.
NEAR Faces Key Levels After ETF Debut
NEAR received renewed market attention after Bitwise launched its spot NEAR ETF, NRR, on September 29. The ETF reportedly attracted approximately $50 million in inflows during its first two trading sessions, adding to expectations of stronger institutional interest in the token.
The trading interest was also visible in South Korea, where participants reportedly earned $40,000 by going long on NEAR during the semifinal of a trading competition.
Technically, buyers are watching the $4.50-$4.65 zone as an important support area. Holding that range could help NEAR recover above $5.00 and potentially target $5.50, followed by the psychological $6.00 level.
If NEAR falls decisively below $4.50, selling pressure could intensify and push the token toward the $4.00 area.
The next phase of NEAR’s performance will depend partly on whether ETF inflows remain strong and whether staking activity generates lasting demand for the token.
NEAR’s expanding role in AI infrastructure and cross-chain transactions could offer additional catalysts. At the same time, the recent rally has raised expectations, making ETF flows, trading volume and broader crypto-market sentiment important signals for determining whether the token can sustain its momentum.
