Bitwise has received approval for the listing of its NEAR ETF shares on NYSE Arca under the ticker NRR. The listing was approved on September 24. The fund is expected to be the first spot exchange-traded fund related to Near Protocol and is set to launch next week. The price of NEAR at the time of publication is approximately $4.96, having increased by 43% over the past week and by 176% since the beginning of the year.
Over the past 24 hours, NEAR has risen by 20%, reaching a peak of $5.05. The increase has been nearly 175% over the month, and the total value locked (TVL) has exceeded $210 million. Trading volume, however, has decreased by 33% in a day, indicating caution among traders. Open interest in futures has grown by nearly 15% to $1.49 billion, with an additional 10% increase in the last 4 hours, signaling bullish sentiment in the derivatives market.
According to Bitwise documents, the annual management fee will be 0.75%. The fund intends to stake 100% of its NEAR assets. Staking expenses will take 33% of the generated tokens, leaving about 67% for the fund. No derivative instruments are planned. Coinbase Custody will act as the custodian, and BNY Mellon is also involved in the product's infrastructure. Creation and redemption baskets will contain 10,000 shares. Bitwise previously contributed $200 in seed capital, purchasing 8 shares at $25 each. Now, Bitwise Investment Manager plans to acquire the first 20,000 shares for $500,000.
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