Bitwise has cleared the final exchange-level hurdle for its spot NEAR exchange-traded fund after NYSE Arca approved the listing application, with the asset manager registering the shares with the U.S. Securities and Exchange Commission through a Form 8-A filing dated September 24. The registration covers the Bitwise NEAR ETF’s common shares of beneficial interest for trading on NYSE Arca, putting the fund one step closer to becoming the first U.S. spot ETF tied to the NEAR Protocol, the layer-1 blockchain network.
What the Form 8-A confirms
The filing, signed by Bitwise chief operating officer Teddy Fusaro, registers the shares under Section 12(b) of the Securities Exchange Act of 1934 and states that an application for listing “has been filed with and approved by NYSE Arca, Inc.” It points back to the trust’s S-1 registration statement under file number 333-286995. The shares are expected to trade under the ticker NRR, though the documents do not set a first trading date, noting instead that the shares will list “subject to notice of issuance.” The listing approval is an exchange-level step; the SEC has not approved or disapproved the securities themselves.
Fee, staking, and custody structure
The fund will carry a 0.75% annual management fee and intends to stake all of its NEAR holdings under normal conditions, according to the registration statement. Staking expenses will absorb 33% of the additional NEAR generated by that staking, with the remainder retained by the trust, while Coinbase Custody safeguards the underlying tokens. Bitwise Investment Manager is expected to buy an initial seed basket of 20,000 shares for $500,000, with the proceeds used to acquire NEAR at or before the listing.
What the approval means for NEAR
The approval gives U.S. investors a regulated, brokerage-accessible route to NEAR exposure, which until now has largely come through vehicles such as Grayscale’s NEAR Trust on the OTCQB market. It also extends a run of spot altcoin ETF activity that has included efforts such as 21Shares’ amended S-1 for a spot Injective ETF on Nasdaq. NEAR traded near $5 following the news, up sharply over the previous day, as the token’s first U.S. spot ETF moved toward launch. The trust has not yet disclosed a firm first trading date, and the shares remain subject to a notice of issuance.
