Regulatory Progress Drives Price Action

NEAR Protocol recorded a sharp advance this week, rising roughly 26 percent and trading near the $4.90 to $5.20 range. The move followed confirmation that Bitwise’s NEAR ETF registration statement became effective with the Securities and Exchange Commission on September 24. Bitwise also filed Form 8-A to register the fund’s shares for exchange trading, and NYSE Arca approved the listing application under the ticker NRR.

These steps mark meaningful progress in the listing process. An effectiveness declaration means the SEC has reviewed the disclosure documents and allowed them to proceed. The Form 8-A registers the shares under the Exchange Act, clearing another requirement for trading on a national exchange. However, the product has not yet begun trading. Bitwise indicated a potential start date with a social media post stating “The future is near. 09/29/2026.”

Coinbase is designated as the custodian. The trust is structured to hold NEAR directly and stake a portion of its holdings, retaining approximately 67 percent of the staking rewards. This design aims to provide price exposure plus additional returns from network participation, distinguishing it from pure spot products that track price alone.

Bitwise Expands Its Crypto ETF Suite

The NEAR product would join Bitwise’s existing lineup of crypto exchange-traded funds. The firm already offers vehicles tracking Bitcoin, Ethereum, XRP, Solana, Hyperliquid, Dogecoin, Chainlink and Avalanche. In the current quarter, roughly $70 million of spot crypto has moved into Bitwise funds through in-kind swaps, according to figures shared by Bitwise CEO Hunter Horsley. In-kind transfers allow holders to exchange tokens for ETF shares without a cash sale, offering potential advantages in tax treatment, estate planning and the ability to use holdings as collateral.

Other issuers are pursuing similar products that combine spot holdings with staking. Canary Capital recently filed an amendment covering a staked SEI fund, indicating broader industry interest in yield-enhanced structures.

Network Activity Supports the Rally

Beyond the ETF developments, on-chain metrics showed strength. Near Intents, a key application in the ecosystem, reached a new total value locked high of $249 million. Since February the protocol has directed all revenue toward open-market buybacks of NEAR, reducing circulating supply. The base layer also continues to burn 70 percent of gas fees, further tightening available tokens.

Price charts placed NEAR inside an ascending trend channel. Resistance formed near $5, where profit-taking appeared. Cumulative volume delta data indicated more than 760,000 NEAR sold on Binance’s NEAR/USDT pair around the $5.20 peak. The relative strength index eased from 66 to 61 after that high. Shorter-term support was noted near $4.50 in a corrective scenario, while continued momentum could test higher levels in the $8 to $9 area.

Bitwise’s prospectus outlined long-term scenarios for the fund, citing a base case of $155 by 2030, a maximum case of $562 and a bear case of $1.63. These figures relate to the projected value of the ETF shares rather than the token itself.

What Remains Ahead

The combination of regulatory clearance and network activity has fueled the recent advance. Market participants continue to monitor the final steps required before NRR begins trading. Until shares list and begin exchanging hands, price movements remain driven by anticipation of the product rather than confirmed capital inflows into the fund. Additional filings or an official launch announcement would provide the next clear signal on timing.