Bitwise’s NEAR Protocol ETF (NRR) has become the first U.S. spot exchange-traded product for NEAR, listing on NYSE Arca and reporting $35.5 million in first-day net inflows, $36 million in assets under management and $15.1 million in trading volume on September 29, 2026. Over the first two trading sessions, the product reportedly attracted roughly $50 million in inflows.
The trust is designed to hold NEAR directly and may stake some or all of those assets. Coinbase Custody Trust Company acts as custodian and maintains segregated accounts, while Bitwise selects staking agents to operate validators. The fund’s net asset value is calculated using the CME CF NEAR Protocol–Dollar Reference Rate, New York Variant. It carries a 0.75% annual management fee, and staking rewards accrue to the trust’s assets, though reward rates vary. As of September 25, fund materials cited an annualized staking rate near 5%, with staking expenses set at 33% of additional NEAR generated, leaving about 67% of rewards for shareholders.
NRR creates and redeems shares in baskets of 10,000 through authorized participants, linking share supply to the NEAR attributable to each share. However, exchange-traded shares may still buy or sell at a premium or discount to NAV, and the gap can affect realized returns alongside brokerage costs and the fund fee.
On the governance side, SVRN CEO Sal Ternullo proposed lowering NEAR’s maximum annual issuance from 2.5% to 1.6% over 24 months. The plan, posted September 30, would preserve the 90/10 split between stakers and the treasury, include a 90-day grace period, require a House of Stake vote and validator adoption, and reduce staking yield from roughly 5.4% to 3.5% at the target issuance rate. The author estimates current issuance adds about 89,500 NEAR daily and that the change could avoid around 66 million NEAR of issuance over six years. The proposal has not been approved or implemented.
Following the ETF launch, NEAR climbed above $5.40, building on a September rally of nearly 180%, before profit-taking pushed the price toward $4.65. Market participants view the $4.50–$4.65 area as important support; a sustained move above $5.00 could open a retest of $5.50 and $6.00, while losing $4.50 may expose the $4.00 region. NEAR Intents activity is also cited as an adoption signal, with Bitwise referencing more than $32 billion in cumulative volume, separate from Q2 research figures around $22 billion.
