Bitwise has launched the first spot exchange-traded fund for NEAR Protocol in the United States. The fund, trading under the ticker NRR, began operations on NYSE Arca on Tuesday. This launch follows a period where the value of the NEAR token increased by 175.24% over 30 days, reaching a price of $5.04.
The new ETF carries a management fee of 0.75%. Bitwise intends to stake the underlying assets, which is expected to provide shareholders with an average staking reward of approximately 5%. The firm positions the protocol as a settlement layer for AI agents, noting that the network has processed over $32 billion in volume, compared to under $1 billion a year ago.
Bitwise published projections for the token's price by the end of 2030. The base case estimate is $155.85, while the bear case suggests a decline to $1.63. In a maximum growth scenario, the firm anticipates a price of $562.81. Meanwhile, the company is closing its Dogecoin ETF, BWOW, which will cease trading on October 14.
The firm's European NEAR product recently surpassed $100 million in assets, largely driven by the appreciation of the token price. While Grayscale filed to convert its NEAR trust into an ETF in January, the fund has not yet listed, allowing Bitwise to be the first to offer such a product to US investors.
