Bitwise launches first US spot NEAR ETF after token’s recent surge

Bitwise, a crypto asset manager, has introduced the first US spot ETF tracking NEAR, a token that has seen a significant surge in value and network activity. The exchange-traded product, trading under the ticker NRR on NYSE Arca, offers investors exposure to NEAR through a fund that holds the token directly, with Bitwise planning to stake a substantial portion of its holdings.

The launch of the Bitwise NEAR ETF comes amid a surge in NEAR Intents, the network's cross-chain transaction protocol, with volume increasing to over $32 billion compared to less than $1 billion a year ago. Bitwise chief investment officer Matt Hougan highlighted the growing potential of AI agents on the NEAR network, noting that the firm has observed agents using the platform.

The Bitwise NEAR ETF, with a management fee of 0.75%, will join the company's lineup of US single-asset crypto products, which also include tracking Bitcoin, Ether, Solana, XRP, and Hyperliquid. The NEAR token has gained approximately 167% over the past month, trading around $4.94, and has seen an 81% increase over the past year.

As a layer-1 blockchain for decentralized applications, NEAR has shifted its focus toward AI and cross-chain infrastructure since 2024. The shift aligns with the growing interest of major financial institutions in AI-driven demand for blockchain-based payment infrastructure. NEAR Intents allows users and AI agents to specify desired transactions, with third-party solvers competing to execute them across supported blockchains.

The protocol's role in facilitating cross-chain transactions and blocking $50 million in attempted transfers linked to the $387.5 million Bitget hack further underscores its growing significance.