NEAR Surges Toward $5 as Bitwise ETF Filing Advances

NEAR Protocol’s native token climbed sharply over the weekend, extending a rally that has pushed it to its highest level in roughly a year. The move followed key regulatory progress for Bitwise’s proposed U.S. spot NEAR exchange-traded fund.

NEAR traded near $5 after gaining strongly over the previous 24 hours. CoinDesk market data showed NEAR at $5.12 on Sept. 25, up 13.8% for the session. Bitcoin, by comparison, stood near $84,007 and gained 0.44% over the same period.

ETF Filing Reaches Key Stage

Bitwise filed its latest prospectus for the Bitwise NEAR ETF on Sept. 24. The fund plans to trade on NYSE Arca under the ticker NRR and would hold NEAR directly while seeking additional tokens through staking.

The filing also received an effectiveness notice from the U.S. Securities and Exchange Commission on Sept. 24. Bitwise separately registered the ETF shares for exchange listing, bringing the proposed product closer to trading.

The prospectus states that the ETF would seek to track the value of NEAR held by the trust, after expenses and liabilities. However, regulatory effectiveness does not by itself guarantee that the ETF will begin trading immediately.

NEAR Outpaces Broader Crypto Market

The ETF developments have added to momentum around NEAR after a powerful multi-week advance. CoinDesk data showed NEAR up 76.9% over the period covered by its latest benchmark data.

The rally also comes as investors continue to monitor the expanding U.S. market for spot crypto investment products. A listed NEAR fund would give investors a regulated market vehicle for gaining exposure to the token without directly holding it.

However, NEAR remains sensitive to broader cryptocurrency conditions. Bitcoin’s recent recovery toward the mid-$80,000 range has helped lift risk appetite across digital assets, while individual altcoins have continued to show larger price swings.

For now, the combination of ETF progress and strong token momentum has placed NEAR among the market’s more closely watched large-cap altcoins.