Bitwise has revealed the ticker for its proposed spot NEAR product: NRR. In a third amendment to its Form S-1 filed with the U.S. Securities and Exchange Commission on July 31, the firm confirmed plans for a U.S.-listed exchange-traded product (ETP) designed to track NEAR — to be listed on NYSE Arca once regulatory and exchange approvals are secured. Key mechanics and structure - The filing describes the vehicle as an exchange-traded product rather than a conventional investment-company ETF. NRR would aim to track the value of NEAR held by the trust, minus operating costs and liabilities. - Bitwise Asset Management, the sponsor’s parent, seeded the fund with $200 — eight shares at $25 apiece, per the filing. - The amendment does not disclose a management fee or any introductory fee waiver; those details may appear in future updates. Staking as a differentiator — and a risk - The trust added staking as a secondary objective and may stake up to 100% of its NEAR holdings to earn protocol rewards that could increase the NEAR backing each share. - Staking sets this product apart from pure spot-tracking funds but brings extra risks: validator performance, custody and liquidity concerns, and unstaking delays. The filing notes the trust may keep some NEAR liquid to process redemptions, cover expenses or adapt to market changes. Custody and operations - The Bank of New York Mellon is slated to serve as cash custodian, administrator and transfer agent. Coinbase Custody Trust Company would safeguard the NEAR holdings. Market and industry context - Bitwise is not alone: Grayscale has also amended a filing for a NEAR product, part of a broader push by U.S. asset managers to expand beyond Bitcoin and Ethereum. - Wall Street firms are increasingly offering crypto ETPs to brokerage clients. Morgan Stanley Investment Management launched exchange-traded products tracking Ethereum and Solana in late July (MSSE and MSOL on NYSE Arca), each charging a 0.14% annual fee. - But approval does not guarantee demand: Hashdex plans to close its U.S.-listed Bitcoin ETF DEFI after low asset levels and trading activity. DEFI managed about $14.7 million as of July 30 and will stop trading after the market close on Aug. 17, underscoring that fees, liquidity and investor interest remain critical. Market reaction to the filing - NEAR traded around $1.73 after the amended filing and the rollout of the Nearcore 2.13 network upgrade, up roughly 4% with an intraday range of $1.69–$1.73. - Spot trading volume slipped about 10% over the prior 24 hours, while derivatives activity rose: CoinGlass data showed NEAR futures open interest climbing nearly 6% to $365.17 million. Next steps - The NRR product remains subject to the SEC review process and Bitwise has not set a launch date. Future amendments are expected to clarify final operating terms, including any management fees or fee waivers.
Bitwise Files for Spot NEAR ETP 'NRR' with 100% Staking Plan
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Summary
Bitwise filed an amended Form S-1 with the SEC for a U.S.-listed NEAR ETP, NRR, which will track the value of NEAR and allow up to 100% staking. The product is pending approval on NYSE Arca. Bitwise will seed the trust with $200, with custody split between BNY Mellon and Coinbase Custody. SEC news shows growing interest in digital asset news as firms like Grayscale expand into crypto ETPs. Staking carries risks like validator performance and liquidity.
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