Investors injected $35.5 million into the new Bitwise NEAR ETF during its inaugural trading session on Monday, with volume reaching $15.1 million. The fund, which trades under the ticker $NRR on NYSE Arca, closed its first day with $36 million in assets under management and stands as the first spot exchange-traded product for the NEAR protocol in the US. Bitwise charges an annual management fee of 0.75% and plans to stake the fund's holdings in-house to generate additional yield.

The asset joins Bitwise’s single-asset cryptocurrency lineup alongside Bitcoin, Ethereum, and Solana to provide exposure to the network's AI-focused infrastructure. The NEAR protocol currently holds a market capitalization of about $6 billion and has seen its Intents volume grow from less than $1 billion to over $32 billion in one year. Transactions on the network typically finalize in about 1.2 seconds at a cost of a fraction of a cent.