Bitwise's NEAR ETF Comes With a 2030 Price Target. The Max Case Is Eye-Watering

Bitwise has opened the first US spot exchange-traded fund (ETF) for NEAR Protocol (NEAR). The fund began trading on NYSE Arca on Tuesday under the ticker NRR.

The product's debut comes amid a time when NEAR nearly tripled in value.

The Rally Ran Ahead of the Opening Bell

NEAR trades at $5.04, according to BeInCrypto Markets data. That price reflects a 175.24% gain over 30 days, from below $2 at the start of September.

That gain ranks fourth among the 100 largest crypto assets by monthly performance, according to CoinGecko.

Much of the climb came in the second half of September, as the listing cleared its final steps. NYSE Arca certified the fund's registration with the SEC on September 28, one day before trading began.

The rally has also lifted Bitwise's European NEAR product. Its assets passed $100 million this month, although rising token prices drove most of that growth.

Grayscale filed in January to convert its own NEAR trust into an ETF. That fund has not listed yet, so Bitwise reached US investors first.

What Bitwise Is Selling to US Investors

NRR charges a 0.75% management fee. Bitwise plans to stake the fund's NEAR in-house, giving shareholders exposure to the network's average staking reward of about 5%.