# 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. - **Source:** [CryptoPotato](https://brifing.si/source/bd22636b-ec8d-42a8-8cca-1937c50e0f6c) - **Published:** 2026-09-29 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/be503b72-f6c2-4e20-a95c-2962beb67d5d ## Landmark 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. ## Staking 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. ## NEAR'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. ## Competitive 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. ## Revenue 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. ## Market 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. ## Custodial 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. ## Industry 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. ## Sources covering this story - https://cryptopotato.com/bitwise-launches-first-us-spot-near-etf-with-staking-fees-taking-33-of-rewards/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._