NEAR ETF filing is moving closer to launch. Bitwise submitted amendment no. 3 to its S-1 registration statement.
The issuer revealed the ticker symbol and other key details. NEAR price jumped 4% as traders responded.
Why NEAR ETF filing matters
Bitwise has finally disclosed NRR as the ticker symbol. The ETF will list on NYSE Arca after SEC approval.
The issuer revealed a seed capital investment. Bitwise Asset Management purchased $200 worth of shares. It received 8 shares at $25 each.
The trust intends to stake 100% of its NEAR holdings. This adds staking as a secondary objective. Investors could earn additional income.
Key custodians and partners
The Bank of New York Mellon will serve as cash custodian. It also acts as administrator and transfer agent. Coinbase Custody will serve as crypto custodian.
The issuer has not yet revealed management fees. Fee waivers are also still undisclosed.
NEAR price reaction
NEAR Protocol price rebounded 4% on the news. The Nearcore 2.13 upgrade also launched. Staking-based payments were introduced.
The price currently trades at $1.73. The 24-hour range is $1.69 to $1.73.
Trading volume dropped by 10% nevertheless. This indicates traders remain cautious. Yen carry trade unwind risks still loom.
The price is bouncing off the 200-day moving average.
Derivatives market shows buying
CoinGlass data shows massive buying in derivatives. NEAR futures open interest jumped almost 6%. It now stands at $365.17 million.
Futures OI on Binance climbed over 1.22%. OKX rose 1.47% in the past hour. Bybit increased 1.68% as well.
