NEAR Climbs Toward $5 as Bitwise Spot NEAR ETF Filing Advances
Key Takeaways
- •NEAR rose 13.8% to $5.12 on Sept. 25, reaching its highest price level in about a year, per CoinDesk market data.
- •Bitwise's latest NEAR ETF prospectus, filed Sept. 24, received an SEC effectiveness notice the same day, signaling that the SEC's review of the registration is complete.
- •The proposed fund plans to trade on NYSE Arca under the ticker NRR and would hold NEAR directly while acquiring additional tokens through staking.
- •The token has gained 76.9% over the period covered by its latest benchmark data, outpacing the broader cryptocurrency market.
- •Regulatory effectiveness does not guarantee an immediate launch, and the remaining listing steps will determine when NRR shares might begin trading.
NEAR Protocol's native token rallied sharply over the weekend, extending a climb that has taken it to its highest level in roughly a year. The advance followed key regulatory progress for Bitwise's proposed U.S. spot NEAR exchange-traded fund.
The token traded near $5 after posting strong gains over the previous 24 hours. CoinDesk market data put NEAR at $5.12 on Sept. 25, a 13.8% increase for the session. By comparison, Bitcoin stood near $84,007, up 0.44% over the same period.
ETF Filing Reaches Key Stage
Bitwise submitted its latest prospectus for the Bitwise NEAR ETF on Sept. 24. The fund is planned to trade on NYSE Arca under the ticker NRR and would hold NEAR directly while seeking to acquire additional tokens through staking, the practice of committing tokens to help operate a proof-of-stake network in return for rewards.
The filing received an effectiveness notice from the U.S. Securities and Exchange Commission on the same day, signaling that the SEC has concluded its review of the registration. Bitwise also separately registered the ETF shares for exchange listing, moving the proposed product closer to trading.
According to the prospectus, the ETF would aim to track the value of the NEAR held by the trust, after expenses and liabilities. Nonetheless, regulatory effectiveness does not by itself ensure the fund will begin trading immediately.
NEAR Outpaces Broader Crypto Market
The ETF developments have added to momentum around NEAR following a powerful multi-week advance. CoinDesk data showed the token up 76.9% over the period covered by its latest benchmark data.
The rally arrives as investors continue to track the expanding U.S. market for spot crypto investment products, where issuers have increasingly pursued funds tied to a broader range of tokens. A listed NEAR fund would offer investors a regulated market vehicle for gaining exposure to the token without directly holding it.
That said, NEAR remains sensitive to broader cryptocurrency conditions. Bitcoin's recent recovery toward the mid-$80,000 range has helped lift risk appetite across digital assets, though individual altcoins have continued to show larger price swings.
For now, the combination of ETF progress and strong token momentum has placed NEAR among the market's more closely watched large-cap altcoins, with the remaining listing steps set to determine when shares of NRR might begin trading.
