Bitwise appears set to begin trading its spot NEAR exchange-traded fund on NYSE Arca today under the ticker NRR, according to details cited in the launch preview. The product is designed to give investors direct exposure to NEAR through a standard brokerage account rather than through self-custody of the token.
The fund would not simply hold NEAR passively. Under normal conditions, Bitwise intends to stake all of the ETF’s NEAR holdings, allowing the vehicle to collect token rewards tied to network participation while still operating as an exchange-traded fund.
A spot fund tied directly to NEAR
The proposed ETF is structured to hold NEAR directly, meaning its shares are backed by the underlying token instead of derivatives or indirect exposure. If trading begins as indicated, the launch would put NEAR access into a familiar wrapper for traditional market participants.
For investors, the practical appeal is straightforward: exposure to NEAR can be obtained through a regular brokerage account, without having to purchase the asset on a crypto platform or arrange separate custody. Bitwise says the fund will charge a 0.75% annual management fee.
Custody and staking design
Coinbase Custody is set to hold the fund’s NEAR. That addresses the safekeeping side of the structure, while the fund’s operating model goes further by incorporating staking as a core feature rather than an occasional add-on.
Bitwise intends to stake 100% of the ETF’s NEAR under normal conditions. In practice, that means the fund would delegate its tokens to help secure the NEAR network and receive additional NEAR in return. The source material notes that some tokens may at times remain unstaked when needed for fund operations and redemptions.
How staking rewards would be handled
The treatment of staking income is a central part of the product. According to the disclosed approach, about 67% of the NEAR earned through staking would remain in the fund. That would increase the amount of NEAR backing outstanding shares over time.
The remaining roughly 33% of staking rewards would be used to cover staking-related costs. As described, the structure is meant to give shareholders both spot exposure to NEAR and participation in a portion of the network’s native staking yield, while accounting for the expenses involved in running that process.
What to watch next
The immediate next step is whether NRR begins trading on NYSE Arca as expected today. If it does, market participants will be able to see how Bitwise implements the combination of direct token holdings, custody through Coinbase Custody, and near-fully staked fund assets in a listed ETF format.
Beyond the start of trading, the key confirmed details at this stage are the ticker, the 0.75% management fee, the use of Coinbase Custody, and Bitwise’s plan to stake the fund’s NEAR under normal conditions. Any further assessment of demand or performance will depend on the actual launch and subsequent fund operations.
Source: www.bankless.com