BREAKING: Bitwise NEAR ETF Approved to List and Trade on NYSE Arca
Highlights
- Bitwise NEAR ETF receives approval to list and trade on NYSE Arca under the ticker NRR.
- The issuer announced a management fee of 0.75% and intends to stake 100% of NEAR tokens.
- NEAR price has skyrocketed almost 20% to hit $5 today.
Bitwise NEAR ETF cleared to list and trade on NYSE Arca under the ticker NRR. The first spot exchange-traded fund linked to Near Protocol is expected to launch soon. NEAR price is expected to surge, extending the 36% rally in the past week.
Bitwise Gets Approval for its NEAR ETF
Bitwise’s application to list and trade the shares of its NEAR ETF is approved by NYSE Arca. The S-1 registration statement for the spot exchange-traded fund is effective under Section 12(b) of the Exchange Act.
As CoinGape reported earlier, the crypto fund manager filed with the US SEC to list and trade Bitwise NEAR ETF on NYSE Arca under the ticker symbol NRR. It aims to offer regulated exposure to Near Protocol tokens held by the trust and additional rewards through staking.
Bitwise NEAR ETF has a management fee of 0.75%. The issuer intends to stake 100% of NEAR. “The Staking Expenses will equal 33% of the amount of the additional NEAR generated by the staking of the Trust’s NEAR,” as per registration.
Also, Bitwise Asset Management earlier purchased $200 worth of shares, receiving 8 shares at $25 each. Now, Bitwise Investment Manager is expected to purchase 20,000 initial shares for $500,000.
In addition, the crypto asset manager has filed 424(b)(3) prospectus. Issuers typically use the form once a registration statement is effective and the product is ready for offering to investors. The Bitwise NEAR ETF is expected to launch next week, pending CERT and other filings.
NEAR Price on a Massive Rally
NEAR price has skyrocketed 20% in 24 hours, with an 11% jump coming in the last few hours. The price is currently trading at $5, after hitting a 24-hour high of $5.05. NEAR price has rallied almost 175%, with TVL surpassing $210 million.
Furthermore, trading volume has dropped 33% over the last 24 hours, indicating traders remain cautious despite Iran’s proposal to the US to reopen the Strait of Hormuz and end the war.
CoinGlass data showed massive buying in the derivatives market. The total NEAR futures open interest jumped almost 15% to $1.49 billion in the last 24 hours. At the time of writing, the futures OI has climbed almost 10% in the last 4 hours, signaling bullish sentiment among derivatives traders.
Traders looking to take advantage of these market swings can evaluate the features and fee structures of the best crypto futures trading platforms.
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