Bitwise has just crossed a major milestone in the US crypto ETF race. The American asset manager has introduced the first exchange-traded product (ETP) backed by NEAR Protocol on the US market — with one standout feature: staking rewards flow directly to shareholders.
This launch places NEAR Protocol in a still-rare category — crypto assets accessible through a regulated vehicle and capable of generating passive yield. Here’s everything you need to know.
The NRR: A NEAR ETF That Stakes on Your Behalf
Bitwise has officially launched the Bitwise NEAR ETF (ticker: NRR), the first spot ETP on NEAR Protocol available to US investors. The product carries a management fee of 0.75% per year — a competitive rate for a niche crypto ETF tracking an alternative asset.
The NRR’s core mechanic is built around in-house staking: Bitwise stakes the NEAR held within the fund directly, and the rewards generated are folded back into the product’s net asset value (NAV). In practice, shareholders gain exposure to the price of NEAR enhanced by staking yields — without ever having to manage a wallet or interact with a validation protocol.
This model draws directly from the approach already adopted by certain Ethereum ETFs in Europe, where staking has been integrated into several ETPs listed on Euronext and Deutsche Börse. In the United States, this structure remains rare and sets a notable precedent for both regulators and issuers alike.
Why NEAR Protocol, and Why Now?
Bitwise‘s decision to focus on NEAR Protocol is far from arbitrary. NEAR stands out for its sharded architecture (Nightshade), its compatibility with decentralized AI environments, and a rapidly expanding ecosystem built around on-chain AI agents. These characteristics have made it an increasingly watched asset among institutional investors seeking exposure to the crypto/AI convergence.
The timing of the launch comes amid a surge in altcoin ETF applications filed with the SEC. Following the approval of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in May 2024, several asset managers — including Bitwise — have submitted filings for products covering Solana, XRP, Litecoin, and NEAR. The NRR represents the concrete realization of Bitwise’s aggressive product diversification strategy.
For US institutional investors and family offices, this type of product offers regulated access to an alternative layer-1 asset without the operational burden of direct custody and staking. Yield generation through NAV is a meaningful differentiator compared to conventional crypto ETFs, which offer nothing beyond directional price exposure.
What This Launch Means for the Crypto ETF Market
The Bitwise NRR potentially opens the door to a new generation of crypto ETFs in the United States — products that no longer simply track a price, but actively integrate the native yield mechanisms of Proof-of-Stake blockchains. This structural shift could redefine the criteria used to determine which assets are eligible for an ETP wrapper.
For NEAR Protocol, the legitimizing effect is immediate. A listing backed by an issuer of Bitwise‘s caliber — managing several billion dollars in crypto assets — strengthens the project’s institutional credibility and could attract additional buying flows through the NRR’s secondary market. Trading volumes and the premium or discount relative to NAV will be key indicators to watch in the product’s first weeks of trading.
It remains to be seen whether other managers — VanEck, 21Shares, or Franklin Templeton — will follow suit with similar products on other PoS assets. The momentum is real: staking inside US ETFs is no longer a hypothesis — it’s a reality.
