Bitwise推出美国首只现货NEAR ETF，费率0.75%，质押成本33%

Bitwise launches the first spot NEAR ETF in the United States, with a management fee of 0.75%, and pledge costs accounting for 33% of revenue.

According to Cryptopotato, Bitwise Asset Management launched the first spot NEAR Protocol ETF in the United States on the Arca Market of the New York Stock Exchange on Tuesday, September 29, 2026, with the trading code NRR and an annual management fee rate of 0.75%. The fund holds NEAR tokens directly through Coinbase Custody and plans to pledge most of its positions. It is reported that the pledge fee will absorb about 33% of the pledge reward.

Key Facts

• NRR is traded on NYSE Arca for an annual management fee of 0.75% and holds NEAR directly through Coinbase Custody.
• The fund's SEC registration will officially take effect on September 24, 2026, after Bitwise first filed an application in May 2025.
• Bitwise pledges all NEARs held by the fund, retaining approximately 67% of the rewards generated; the remaining 33% is used to pay the pledge fee, which is shared by pledge agents Attestant (Bitwise affiliate), Coinbase Custody and Bitwise.
• According to Bitwise's prospectus, as of September 25, 2026, NEAR's average annualized pledge yield is approximately 5%.

It is reported that Matt Hougan, chief investment officer of Bitwise, said that the company has been working on developing the US NEAR ETF since launching its European NEAR exchange-traded products in June 2025.

Fees and Pledge Mechanism

33%的质押成本是Bitwise旗下美国单一资产基金中最高的。相比之下，Bitwise于2026年5月推出的Hyperliquid ETF（BHYP，采用内部质押）将其奖励的25%作为质押支出；其Avalanche ETF（BAVA）根据4月的招股说明书，质押支出设定为12%。这两只基金的管理费均为0.34%，低于NRR 0.75%的一半以上。

预计质押代理将为Attestant，招股说明书将其列为Bitwise的关联公司。NEAR招股说明书还警告称，由于正常条件下质押的NE大约需要48小时才能解锁，这可能会延缓赎回过程。

人工智能与跨链视角

Bitwise首席投资官Matt Hougan将NEAR描述为处于人工智能与加密货币交汇点的网络。他表示，为用户处理支付和交易的人工智能代理需要快速结算，且不依赖单一托管方，而NEAR Intents（该网络的跨链交易协议）就是一个早期的例子。据Bitwise称，NEAR Intents处理的交易量已超过320亿美元，而一年前这一数字还不到10亿美元。Hougan告诉Cointelegraph，目前NEAR上的活动主要由人类驱动，但他预计智能代理的使用量将会增长。

根据Cointelegraph引用的CoinGecko数据，在过去一个月里，NEAR价格大幅上涨约167%，至周二交易于4.94美元左右，过去一年涨幅约为81%。Cryptopotato报道称，当天NEAR在Coinbase上的价格接近5.00美元。

为何重要

The offering allows U.S. investors to access NEAR through regulated channels without directly holding tokens, a milestone in the transition to artificial intelligence. In addition, this also introduces pledge economics into the ETF structure, meaning that the fund's net return will be affected by a 0.75% management fee and approximately one-third of the pledge reward deduction. In contrast, Grayscale's NEAR Trust Fund (GSNR) charges a 2.5% annual fee and is traded over-the-counter, sometimes at a price higher than the value of its underlying NEAR, according to Grayscale's June 12 amendment. The prospectus's warning about a 48-hour unlock time also reminds people that during periods of market stress, the pledge mechanism can affect the speed at which ETFs can satisfy redemption requests.

Things to Watch

The key outstanding issue currently is Grayscale's plan to convert its NEAR trust fund into a spot ETF. Grayscale filed its application in January 2026, and its June 12 amendment left the annual fee for the proposed ETF blank-as of September 29, 2026, no approval news has been announced. The growth rate of NEAR Intentions trading volume and artificial intelligence agent activity, as well as whether competitors apply for spot NEAR products, will determine how much market share NRR can occupy.

FAQs

What are the trading codes and rates for Bitwise NEAR ETF?

The fund is traded on NYSE Arca under NRR and has an annual management fee of 0.75%.

How much pledge rewards does the fund retain to pay for fees?

Bitwise retains approximately 67% of the NEAR rewards generated through pledge, with the remaining 33% to pay pledge fees shared by Atteant, Coinbase Custody and Bitwise.

Has Grayscale's NEAR ETF started trading yet?

No. Grayscale filed an application in January to convert its NEAR trust fund to a spot ETF, but as of September 29, 2026, the conversion is still pending and the trust fund continues to be traded over-the-counter under the GSNR code.

What are NEAR intentions and why are they important?

NEAR Intentions is the network's cross-chain transaction protocol. According to Bitwise, it has processed more than $32 billion in transactions, up from less than $1 billion a year ago.

What is the current trading price of NEAR?

Cryptopotato reported that NEAR was priced at nearly $5.00 on Coinbase on Tuesday, although Cointelegraph quoted CoinGecko data showing it was around $4.94.