Bitwise Asset Management launched the Bitwise NEAR ETF (ticker: NRR) on NYSE Arca, marking the first spot NEAR ETP available in the US. The fund directly holds NEAR tokens and intends to stake them to generate approximately 5% in rewards. On its first day of trading the product attracted $36 million in AUM, including $35.5 million of net inflows.
What it moves
Bull vs bear
Bulls see the rapid $35.5M day-one inflow and staking yield as validation of institutional demand for direct on-chain AI and modular blockchain exposure, potentially accelerating NEAR’s DeFi and developer activity. Bears view the single-product launch and modest initial AUM relative to flagship crypto ETFs as evidence that NEAR remains a niche narrative play vulnerable to rotation out of altcoin beta once broader risk sentiment shifts.