According to CoinMeta, Bitwise disclosed in its revised application submitted to the U.S. Securities and Exchange Commission that NRR will be used as the code for its proposed NEAR spot ETF. The company submitted the third revision of its S-1 registration statement on July 31, advancing its plan to launch a U.S.-listed investment product supported by NEAR. Bitwise is planned to be listed on NYSE Arca, although trading cannot begin until the product obtains the necessary registration and exchange approvals. Bitwise Asset Management Company provided $200 in seed capital, with the investment covering eight shares at $25 each. The legal structure of this fund is an exchange-traded product, and NRR is primarily designed to track the value of NEAR held by the trust, minus operating costs and other liabilities. Bitwise also aims to use staking as a secondary objective; the trust plans to stake up to 100% of its NEAR holdings to earn protocol rewards. The approved NEAR product will further expand to another proof-of-stake network. The trading price of NEAR is approximately $1.73, representing a gain of about 4%.