Bitwise has advanced its proposed NEAR fund toward market launch by filing Amendment No. 3 to its S-1 registration statement with the U.S. Securities and Exchange Commission. The updated filing discloses the ticker symbol NRR, outlines a staking framework, and identifies key service providers, though the management fee remains undisclosed.

NEAR is the native token of the NEAR Protocol, a layer-1 blockchain designed around sharding and developer usability. The protocol has positioned itself within the competitive smart-contract platform landscape alongside networks such as Solana and Avalanche.

Bitwise intends to list the fund's shares on NYSE Arca upon receiving regulatory approval.

🚨BREAKING: Bitwise NEAR ETF Files Amendment No 3 to its Form S-1 with US SEC Bitsie finally disclosed NRR as the ticker symbol, moving closer to launching a spot ETF. Shares of the proposed ETF would list and trade on NYSE Arca, following SEC approval. near:native pic.twitter.com/YVxW5NFaKV — Rednirav (@CryptoRednirav) August 3, 2026

Fund Structure and Operations

The Bitwise NEAR ETF is designed to give investors exposure to NEAR without the need for a personal wallet or private keys. Bitwise Asset Management provided $200 in seed capital by purchasing eight shares at $25 each.

Bitwise first filed for the proposed security in May 2025, part of a wave of asset managers seeking to bring additional layer-1 protocol tokens into the U.S. exchange-traded product market following the approval of spot Bitcoin and Ethereum ETFs. The trust is formally categorized as an exchange-traded product rather than an investment company fund, despite being branded as an ETF. Its primary objective is to track the value of NEAR held in the trust, with expenses and liabilities subtracted when calculating net asset value per share.

Staking Framework

The trust intends to generate returns through token staking. The filing permits up to 100% of the trust's NEAR tokens to be staked on the network, with protocol fees potentially increasing the number of tokens represented per share — a mechanism that distinguishes the product from funds that simply track a cryptocurrency's spot price. Including staking within an ETF wrapper represents a structurally notable feature, as registered fund products incorporating on-chain staking rewards have only recently begun advancing through the SEC review process.

Staking introduces additional risks, including exposure to validator issues, custody and liquidity risks, and potential unstaking delays. The trust will not necessarily stake all of its tokens at all times; it will maintain a portion in liquid form to cover redemptions, fees, and operational needs under varying market conditions.

Service Providers

NEAR tokens will be custodied with Coinbase Custody Trust Company. BNY Mellon will serve as cash custodian, administrator, and transfer agent.

Grayscale is separately developing its own NEAR investment product and has also updated its regulatory filing, joining a broader group of asset managers pursuing similar offerings.

Market Context for Crypto ETFs

Morgan Stanley Investment Management entered the crypto ETF market in late July, launching Ethereum and Solana products on NYSE Arca under the symbols MSSE and MSOL, each carrying a management fee of 0.14%. These listings expanded the range of crypto assets accessible through traditional brokerage accounts.

Regulatory approval alone does not ensure commercial viability. Pricing, liquidity, and trading volumes remain decisive factors once a product reaches the market. Hashdex, for example, is delisting its U.S.-listed DEFI Bitcoin ETF after the fund failed to attract sufficient assets and trading activity. As of July 30, the fund held only $14.7 million in assets and will cease trading after the close of the August 17 trading day.

NEAR is trading around $1.74, up approximately 4% over the past 24 hours, with prices fluctuating between $1.69 and $1.74. The move has been attributed to the updated Bitwise filing and the Nearcore 2.13 upgrade to the NEAR network. NRR will commence trading on NYSE Arca once the SEC grants approval.