Bitwise Launches First U.S. Spot Near ETF on NYSE Arca
- Bitwise’s Near ETF began trading on Tuesday under the ticker NRR, with a 0.75% annual fee.
- Near traded around $5.09 on Binance, approximately triple its August lows of $1.60.
- The fund plans to stake its Near tokens to earn average rewards of about 5%, though these are not guaranteed.
- Near is a layer-1 blockchain similar to Ethereum and Solana, focusing on AI applications.
- The SEC approved generic listing standards in September, easing the path for crypto funds like this one.
Bitwise’s launch of the first U.S.-based spot Near ETF provides investors an opportunity to engage with the AI-focused Near blockchain via traditional brokerage accounts without needing a crypto exchange account or wallet.
Near’s recent price increase and Bitwise’s strategic staking approach underline the potential for growth in this sector, although risks remain due to market volatility and staking uncertainties.
