Bitwise’s NEAR fund pairs exchange access with a plan to stake its holdings. Investors would gain price exposure without holding tokens themselves, while the fund’s withdrawal process creates a separate liquidity constraint.
NYSE Arca has certified its approval to list and register shares of the Bitwise NEAR ETF in a September 28 filing with the SEC. The product, expected to trade under the ticker NRR, aims to provide NEAR price exposure while staking all its token holdings. Its annual management fee is set at 0.75%.
The latest filing needs to be distinguished from earlier steps. The registration statement became effective on September 24, according to the SEC’s notice of effectiveness. A Form 8-A filed that day already stated that NYSE Arca had approved the listing application. The September 28 letter formally certifies the exchange’s approval; it is not an announcement that trading has begun.
NRR adds staking to NEAR price exposure
Bitwise’s final prospectus, dated September 24, sets out a primary objective of providing exposure to the NEAR held by the trust, after expenses and liabilities. Its second objective is to earn additional NEAR through network validation. The stated allocation target is explicit:
“The Trust intends to stake 100% of the Trust’s NEAR.”
Coinbase Custody will hold the tokens, while BNY Mellon will provide cash custody and administrative services. Staking will take place through delegation to selected validators. The tokens remain with the custodian, but the staked portion cannot be transferred. The 100% figure describes an intended allocation, not a fixed reward or promised annual return.
For investors, the change is in how they obtain exposure. Buying a fund share does not put NEAR in a personal wallet. Its value will be affected by the NEAR price, fund expenses and any staking outcome. The share’s exchange price may also trade above or below its per-share net asset value.
Selling a share is different from unstaking NEAR
The full-staking plan comes with a withdrawal constraint. The prospectus says tokens remain non-transferable for two to four network epochs after unstaking. Each epoch targets roughly 12 hours, implying an ordinary wait of around 24–48 hours. Network or validator problems can extend that period.
The wait is not a direct restriction on an investor’s sell order. It concerns the fund’s release of its underlying NEAR from staking. Shares changing hands on an exchange are a separate transaction. For authorized participants redeeming large blocks of shares with the trust, delays can make the intended T+2 settlement schedule harder to meet.
The listing paperwork represents a concrete step toward access through brokerage accounts. It does not, however, establish a specific first trading date, investor inflows or staking returns. Nor does the registration statement becoming effective mean that the SEC considers NEAR safe or profitable: the prospectus expressly separates registration from an endorsement of the investment.
