How Bitwise NEAR ETF Filing Is Reshaping the Crypto ETF Race NEAR jumped 9.2% today, and it's not a random pump. The Bitwise NEAR ETF just cleared a real regulatory step, and traders reacted
How Bitwise NEAR ETF Filing Is Reshaping the Crypto ETF Race
NEAR jumped 9.2% today, and it's not a random pump. The Bitwise NEAR ETF just cleared a real regulatory step, and traders reacted fast. NEAR now trades at $4.88, with a $6.378 billion market cap and $1.594 billion in 24-hour trading volume. Pull back further and the trend gets even bigger: NEAR is up over 30% this week and past 160% this month.
Source: Coingecko Data
That's not a one-day story, it's weeks of buildup that came to a head today. Here's what Bitwise actually filed, why the market is reacting the way it is, and what else is moving in the crypto Exchange Traded Funds race right now.
Key takeaways:
Bitwise filed Form 8-A to list its NEAR ETF, ticker NRR, on NYSE Arca, and the SEC has declared the fund's registration statement effective, a real regulatory milestone, not just a routine update.
The fund will hold NEAR directly and stake part of it, aiming to earn extra returns on top of simple price exposure.
It already runs eight other crypto ETFs, and close to $70 million in spot crypto has moved into its funds in-kind this quarter alone.
The SEC filing shows Bitwise applied to list a NEAR Protocol Exchange Traded Funds on NYSE Arca under the ticker NRR. Days later, the SEC declared the fund's registration statement effective, which is a meaningful step in the listing process, since it means the SEC has reviewed the disclosure documents and cleared them to move forward.
Source: X Post
Bitwise then filed Form 8-A, a separate filing used to register the fund's common shares for exchange listing.
An 8-A filing, also known as SEC Form 8-A, is a simplified registration statement that companies use to register a class of securities under the Securities Exchange Act of 1934 before listing those securities on a national exchange such as the NYSE or Nasdaq.
None of this confirms an exact launch date. Registration statements and Form 8-A filings clear the paperwork side of a listing, but the fund still needs to actually begin trading, which typically follows once all filings are in place. Still, moving through both steps back to back tells you Bitwise is treating this filing as an active priority, not a shelved idea.
Most crypto Exchange Traded Funds just hold the asset and track its price. The Bitwise NEAR ETF goes a step further. It's designed to hold the NEAR the fund owns, and on top of that, it plans to stake a portion of those holdings. Staking means locking up tokens to help secure the NEAR Protocol, and in return, the network pays out rewards.
So instead of the fund just sitting on price exposure, it can also collect staking income, which could add a second return stream for investors beyond whatever NEAR's price does on its own.
NRR isn't Bitwise's first crypto ETF. The firm already runs a full lineup across major tokens, and NEAR would be the newest addition once it goes live.
Ticker
Underlying Asset
BITB
Bitcoin
ETHW
Ethereum
XRP
XRP
BSOL
Solana
BHYP
Hyperliquid
BWOW
Dogecoin
CLINK
Chainlink
BAVA
AVAX
NRR
NEAR (filed, not yet trading)
Bitwise CEO Hunter Horsley shared fresh numbers from JW Farrell that put a real figure on the demand shift happening this quarter. Investors have swapped roughly $70,000,000 of spot crypto in-kind into Bitwise ETFs so far in Q3. An in-kind swap means someone hands over the actual crypto they're holding and receives ETF shares back, instead of selling for cash and buying shares separately.
Source: X Account
Horsley was clear that not everyone prefers an Exchange Traded Funds over holding spot coins directly, but he pointed to a few concrete reasons the shift keeps growing anyway: tax simplicity, easier estate and will planning, and the ability to borrow against holdings or use margin, none of which are as simple with coins sitting in a personal wallet.
Bitwise isn't the only firm pushing forward. On September 21, Canary Capital filed Amendment No. 2 to its S-1 form with the SEC, and this filing covers a staked service as well. So the pattern here isn't isolated.
More than one issuer is now racing to combine straightforward price exposure with built-in staking returns, and NEAR's filing looks like it's part of a bigger shift, not a standalone event.
Expert View: Market watchers see the SEC's effective declaration as genuine progress for the Bitwise NEAR ETF, not just paperwork moving through a queue. Still, with no confirmed launch date, the current NEAR rally reflects anticipation more than certainty.
The in-kind swap volume flowing into Bitwise's other funds suggests this demand is coming from investors who already hold crypto, not entirely fresh capital, and that kind of pattern often cools once an actual listing date lands, rather than before it. Whether NEAR holds today's gains may depend more on the next filing update than on anything happening in the broader market.
YMYL Disclaimer: This content is for informational purposes only and is not financial, investment, or trading advice. Crypto assets, including NEAR, are volatile, and filings do not guarantee approval or a listing date. Do your own research and speak with a licensed financial advisor before making investment decisions.
