NYSE Arca has cleared Bitwise's spot NEAR ETF to list and trade under the ticker NRR, the first such fund tied to Near Protocol. NEAR's price has jumped nearly 20% in 24 hours to $5 as the approval lands.
NYSE Arca approved Bitwise's application to list and trade shares of its NEAR ETF, making it the first spot exchange-traded fund linked to Near Protocol. The fund's S-1 registration statement is now effective under Section 12(b) of the Exchange Act.
Bitwise structures the NEAR ETF around staking
The firm filed with the SEC earlier to list the fund under the ticker symbol NRR, aiming to give investors regulated exposure to Near Protocol tokens held in trust plus rewards from staking. The ETF carries a management fee of 0.75%, and the issuer intends to stake 100% of the NEAR it holds. According to the registration: "The Staking Expenses will equal 33% of the amount of the additional NEAR".
Bitwise Asset Management had already purchased $200 worth of shares, receiving 8 shares at $25 each, and Bitwise Investment Manager is now expected to buy 20,000 initial shares for $500,000. The firm has also filed a 424(b)(3) prospectus, a form issuers use once a registration statement is effective and the product is ready for investors. The ETF is expected to launch next week, pending CERT and other filings.
NEAR price extends a sharp rally
NEAR has skyrocketed 20% in 24 hours, with an 11% jump coming in the last few hours alone. The token is trading at $5 after touching a 24-hour high of $5.05. It has rallied almost 175% as its total value locked surpassed $210 million.
Trading volume, however, has dropped 33% over the last 24 hours, a sign that some traders remain cautious. Derivatives markets tell a different story: CoinGlass data show NEAR futures open interest jumped almost 15% to $1.49 billion in the past 24 hours, and it has climbed nearly 10% in just the last four hours, pointing to bullish positioning among futures traders.
Source: CoinGape
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