Bitwise has identified NRR as the ticker for its proposed spot NEAR exchange-traded fund in an amended registration statement filed with the U.S. Securities and Exchange Commission. The filing says the shares would be listed on NYSE Arca, but trading cannot begin unless the trust receives the required registration and exchange approvals.
The updated filing also expands the fund’s design beyond simple spot exposure. In addition to seeking to track the value of NEAR held by the trust, minus expenses and liabilities, Bitwise says the product would pursue staking as a secondary objective.
Ticker disclosed as approval process continues
The amended S-1 names NRR as the proposed ticker for the fund. Bitwise’s plan is for the ETF to hold NEAR directly and reflect the asset’s value after accounting for the trust’s operating costs and other obligations.
Even with the ticker now disclosed, the product is still in the regulatory process. The filing makes clear that the fund would not be able to start trading until both its registration is effective and the related exchange approval is in place.
Filing adds staking to the fund structure
A notable change in the latest filing is the addition of staking as a secondary objective. Bitwise says the trust intends to stake as much as 100% of its NEAR holdings in order to earn protocol rewards, a structure that could increase the amount of NEAR backing each share over time.
The filing also outlines limits to that approach. It does not promise that all of the trust’s assets will remain staked continuously, and says the fund may keep some NEAR liquid to meet redemptions, pay expenses or respond to market conditions.
Staking brings extra operational risks
Bitwise says staking would set the proposed NEAR ETF apart from products designed only to mirror spot crypto prices. At the same time, the arrangement introduces added operational and market risks tied to validator performance, custody, liquidity and the time needed to unstake tokens.
The filing identifies key service providers for the product. The Bank of New York Mellon is named as cash custodian, administrator and transfer agent, while Coinbase Custody Trust Company would hold the trust’s NEAR.
Broader push into non-Bitcoin crypto ETPs
The proposed NEAR fund arrives as large financial firms continue widening their digital asset product lineups in the U.S. In late July, Morgan Stanley Investment Management launched exchange-traded products tied to Ethereum and Solana, reflecting a broader move beyond Bitcoin-focused offerings.
If approved, a NEAR product would add another proof-of-stake network to that expanding set of U.S. exchange-traded crypto vehicles, giving brokerage investors another route to gain exposure without directly handling wallets or private keys.
Market reaction and what comes next
Following the amended filing and the release of the Nearcore 2.13 network upgrade, NEAR traded near $1.73, up about 4% on the day, after moving between roughly $1.69 and $1.73 intraday. Spot trading volume was down about 10% over the previous 24 hours, suggesting the rebound had not yet been matched by broader spot participation.
Derivatives activity was firmer, with CoinGlass data showing NEAR futures open interest climbing nearly 6% to $365.17 million. Bitwise has not announced a launch date, and the ETF remains subject to the SEC review process. Future amendments may still reveal the management fee, any fee waivers and the fund’s final operating terms.
Source: crypto.news