Bitwise Debuts First US Spot NEAR ETF with 33% Staking Fee Cut
The NYSE-listed fund stakes all NEAR holdings while sharing 5% annual rewards with investors.
1Landmark crypto ETF launch
Bitwise listed the first US spot NEAR Protocol ETF (NRR) on NYSE Arca with a 0.75% management fee. The fund directly holds NEAR tokens through Coinbase Custody, following SEC approval on September 24 after a May 2025 filing. This marks a strategic expansion for Bitwise, which already operates a BaFin-approved NEAR staking product in Europe. The launch capitalizes on NEAR's $6B+ market valuation and $5.00 token price at listing.
2Staking economics revealed
The fund stakes 100% of its NEAR holdings, generating ~5% annual rewards. Investors receive 67% of staking yields, while 33% covers operational costs split between staking agent Attestant, Coinbase Custody, and Bitwise. This compares to Bitwise's other staking ETFs: Hyperliquid (BHYP) retains 25% for staking costs, Avalanche (BAVA) keeps 12%. All three funds use different fee structures, with NRR's 0.75% management fee being the highest.
3NEAR's technological positioning
Bitwise CIO Matt Hougan positions NEAR at the AI-crypto intersection, highlighting NEAR Intents' cross-chain protocol as critical infrastructure for AI agent transactions. The network processed $32B volume in 2025, up from <$1B the prior year. This growth narrative supports Bitwise's product strategy, though the prospectus warns of potential 48-hour redemption delays due to staking lockups.
4Competitive ETF landscape
Grayscale's January 2025 filing to convert its NEAR trust (GSNR) into a spot ETF remains pending. The OTC-traded trust charges 2.5% annually and historically traded above NAV. While Grayscale left its proposed ETF fee unspecified, Bitwise's first-mover advantage with NRR establishes an early benchmark for NEAR investment products in the US market.
5Revenue sharing breakdown
The 33% staking fee allocation reflects infrastructure costs: Attestant (as staking agent), Coinbase (custody), and Bitwise (management) share the portion. This contrasts with Bitwise's in-house staking model for BHYP, which retains only 25%. The structure reveals Bitwise's hybrid approach to staking services across different blockchain assets.
6Market timing strategy
Bitwise launched during NEAR's price stability around $5.00, with $6B market cap. The prospectus cites September 25 staking rates as basis for the 5% reward estimate. This pricing strategy follows Bitwise's pattern of timing ETF launches to coincide with asset maturity, as seen with their Avalanche and Hyperliquid products.
7Custodial architecture
Coinbase Custody's role ensures regulatory compliance for direct NEAR holdings, differentiating NRR from synthetic or derivative-based crypto ETFs. The setup mirrors institutional-grade security standards while enabling staking functionality - a combination previously only available in European markets through Bitwise's BaFin-approved product.
8Industry implications
As the first mover, Bitwise sets precedent for staking fee structures in spot crypto ETFs. The 33% take rate establishes a benchmark that may influence Grayscale's pending NEAR ETF pricing. Successful adoption could accelerate similar products for other proof-of-stake assets, further bridging traditional finance with crypto-native yield mechanisms.
Original article: CryptoPotato — Bitwise Debuts First US Spot NEAR ETF with 33% Staking Fee Cut