Bitwise has revealed the proposed ticker symbol for its planned spot NEAR ETF as it continues efforts to launch a U.S.-listed investment product linked to the NEAR cryptocurrency.
The company disclosed the ticker “NRR” in its third amendment to the registration statement filed with the U.S. Securities and Exchange Commission (SEC). If approved, the fund would trade on NYSE Arca.
Bitwise submitted the updated filing on July 31, moving the product closer to a possible launch. However, the ETF still needs approval from regulators and the exchange before trading can begin.
The filing showed that Bitwise provided $200 in seed funding for the fund, which covered eight shares priced at $25 each. The company has not yet announced the management fee or any possible introductory fee discounts.
The proposed NRR fund would aim to track the value of NEAR tokens held by the trust while accounting for operating costs and other expenses.
A key feature of the proposed product is staking. Bitwise said the fund may stake up to 100% of its NEAR holdings to generate additional income through network rewards.
If approved, this would make the fund different from traditional crypto products that only follow token prices. However, staking also brings additional risks, including validator issues, custody challenges, liquidity concerns, and delays when removing tokens from staking.
The fund would use Bank of New York Mellon as its cash custodian, administrator, and transfer agent, while Coinbase Custody Trust Company would handle the storage of NEAR assets.
Bitwise is not the only company targeting NEAR-based investment products. Grayscale has also updated its filing for a proposed NEAR investment product as asset managers continue expanding crypto offerings beyond Bitcoin and Ethereum.
The move comes as major financial firms increase their focus on digital assets. Morgan Stanley Investment Management recently launched exchange-traded products linked to Ethereum and Solana, giving traditional investors easier access to cryptocurrencies without directly managing wallets or private keys.
However, approval alone does not guarantee success. Some crypto funds have struggled to attract enough investor interest. For example, Hashdex announced plans to close its U.S.-listed Bitcoin ETF, DEFI, due to limited assets and trading activity.
Meanwhile, NEAR’s market performance improved following the ETF update and the release of the Nearcore 2.13 network upgrade.
NEAR traded around $1.73, gaining about 4%. Futures activity also increased, with open interest rising nearly 6% to around $365 million, showing stronger trader participation.
Despite the positive market reaction, the Bitwise NEAR ETF remains under SEC review, and the company has not provided a launch date. Future filings may include additional details such as fees and final operating terms.
