NEAR Protocol‘s native token climbed above $5 on Friday, extending a sharp multi-week rally as progress on a proposed Bitwise exchange-traded fund (ETF) coincided with growing activity across the network’s ecosystem.
SEC clears Bitwise NEAR ETF to list on NYSE
The US Securities and Exchange Commission (SEC) declared Bitwise‘s registration statement for the NEAR ETF effective, clearing a key regulatory step for the proposed product. Bitwise also filed Form 8-A to register the fund’s common shares for listing on NYSE Arca under the ticker NRR.
These filings bring the proposed ETF closer to trading on a US exchange, although the registration statement and Form 8-A do not confirm a launch date.
The Bitwise NEAR ETF is designed to provide investors with exposure to the value of NEAR held by the fund. The product also includes a staking component, allowing the fund to seek additional returns through staking its holdings.
Coinbase Custody will serve as the funds custodian, while Bitwise has set the sponsor fee at 0.75% annually.
NEAR expands trading reach following listing on Hyperliquid
The ETF progress unfolds alongside a broader expansion of NEAR‘s ecosystem. NEAR Protocol confirmed that the NEAR/USDC pair is now live on Hyperliquid’s spot market.
The pair has also been added to Hyperliquids strict list, increasing its visibility and accessibility for traders on the decentralized trading platform. The spot listing complements existing NEAR perpetual markets on Hyperliquid and gives traders another venue for on-chain exposure to the token.
NEAR also expanded its privacy infrastructure into perpetual futures through near.com, where perps are now confidential by default. The product uses NEARs Confidential Intents and Hyperliquid for execution, allowing users to fund positions with assets from more than 30 chains while keeping deposits and withdrawals confidential.
Near.com, the projects multi-chain super app, announced a partnership with Ondo Finance on Tuesday that will allow eligible users to buy, trade and hold tokenized US stocks and exchange-traded funds (ETFs) directly through their near.com accounts.
NEAR Intents power transactions and enable cross-chain routing across more than 30 networks. The infrastructure also supports confidential transaction execution.
NEAR extends recovery, jumps 240% year-to-date
The developments have coincided with a substantial recovery in NEARs market value.
NEAR is trading close to $5, up 6% in the past 24 hours. The token has gained roughly 176% over the past 30 days, making it one of the stronger-performing major Layer-1 tokens during the period.
NEAR has now recovered from its earlier 2026 lows, with elevated trading activity accompanying the move toward higher price levels. The token is up 240% year-to-date, with a market cap of $6.5 billion that puts it in 22nd place among the largest cryptocurrencies by market cap.