Bitwise filed its third amendment to the NEAR ETF registration statement on July 31, revealing NRR as the ticker symbol for the proposed fund. If approved by regulators, the shares would trade on NYSE Arca, marking another step toward bringing staked cryptocurrency exposure to traditional US investors.
The amended Form S-1 filing shows Bitwise Asset Management seeded the trust with $200 in capital, covering eight shares at $25 each. The company hasn't disclosed management fees or any introductory waivers yet, those details likely coming in future filings as the product inches closer to launch. The Bank of New York Mellon will handle custody and administration if the fund gets the green light.
Staking becomes the differentiator
What sets NRR apart from a simple spot crypto tracker is the staking component. Bitwise plans to stake up to 100% of the trust's NEAR holdings, earning protocol rewards that would flow back into the fund. That's the hook for investors seeking yield on their crypto exposure. More NEAR staked means more rewards accumulating, which theoretically increases the value backing each share over time.
The tradeoff exists though. Staking introduces custody risks, validator performance uncertainty, and liquidity constraints during unstaking periods. The fund may need to keep some NEAR liquid for redemptions or expense coverage, meaning not all assets stay locked in staking at once. The filing makes clear this isn't a guarantee.
NEAR jumped roughly 4% to $1.73 following the disclosure, while futures open interest climbed nearly 6%. Bitwise originally filed for the product back in May 2025, so this third amendment represents incremental progress rather than a breakthrough moment. The real catalyst comes when the SEC either approves the registration or signals approval is unlikely.
This article is informational only and does not constitute financial or investment advice. Cryptocurrency markets carry significant risks including volatility and regulatory uncertainty.
