Net inflows of $35.5 million hit the newly listed Bitwise NEAR ETF on its first day of trading on NYSE Arca, a figure that analysts describe as proportionally larger than the debuts of Bitcoin and Ethereum ETFs. This surge in institutional access helped lift the price of the underlying NEAR token by up to 10% on Tuesday, according to market tracking data, as the fund's assets under management reached $36 million.

The fund, which trades under the ticker $NRR, carries a 0.75% annual management fee and plans to stake assets in-house to provide staking rewards to investors. The launch follows a period of network growth, with NEAR Intents volume rising to more than $32 billion from under $1 billion a year ago and user engagements peaking at 6.9 million on Sept 27. The asset joins Bitwise's other US single-asset offerings, including those for Bitcoin, Ethereum, and Solana.