Bitwise has filed with the SEC to launch what it describes as the first U.S. spot NEAR Protocol ETF, with a staking fee structure that takes 33% of staking rewards generated by the fund. The
Bitwise has filed with the SEC to launch what it describes as the first U.S. spot NEAR Protocol ETF, with a staking fee structure that takes 33% of staking rewards generated by the fund.
The filing, submitted via a 485BPOS form to the SEC's EDGAR system, positions the product as regulated spot exposure to NEAR, the native token of the NEAR Protocol blockchain. Investors would hold shares in the fund rather than NEAR directly, with the fund itself holding the underlying asset. For context on Bitwise's broader ETF expansion, see how Bitwise and Hargreaves Lansdown brought Bitcoin ETPs to the UK.
The 33% figure is not an annual expense ratio. It represents Bitwise's cut of whatever staking rewards the fund earns on its NEAR holdings, per reporting on the filing. If the fund's staked NEAR generates a 10% annualized reward rate, investors would net roughly 6.7% from staking before any separate management fees are applied. For related coverage, see US Spot Bitcoin ETF Inflows Fall to $31M on Sept. 28.
Actual investor returns will vary with NEAR's staking reward rate, the token's price performance, and the fund's full expense structure. None of those additional terms are publicly confirmed at this stage. Bitwise has applied a similar staking-fee model to other products; the firm's Solana staking ETF drew attention when a large bank enabled 25% LTV borrowing against it.
A spot ETF holds the actual asset rather than derivatives, so the fund's NAV tracks NEAR's price directly. That structure contrasts with futures-based products but does not eliminate the risks of holding NEAR itself, including smart-contract exposure, validator concentration, and network-level events.
Bitwise has moved aggressively across the altcoin ETF space, with growing advisor interest in XRP following ETF momentum in that market. Not every product launch has been durable: Bitwise shut down its Dogecoin ETF within a year of launch, a reminder that niche crypto ETFs face real redemption and liquidity risk.
The SEC filing establishes the legal framework but does not confirm a launch date, exchange listing, ticker symbol, or full fee schedule. Investors should review the final prospectus for the complete expense ratio, staking policy, custody arrangements, and any redemption restrictions before drawing conclusions about net returns. Current U.S. spot Bitcoin ETF inflow trends offer a baseline for gauging institutional appetite across the asset class.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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