Bitwise added staking functionality to the NEAR ETF—once the “yield” story hit, it surged 12%, and institutions started rushing to set up positions ahead of time.

Bitwise amended its NEAR spot ETF application, adding a staking function as a potential source of income, driving NEAR up nearly 12% and breaking a multi-week downtrend. The amended S-1 shows the ETF will be listed on NYSE Arca, with BNY Mellon serving as the cash custodian and Coinbase responsible for digital asset custody, while expanding disclosures on staking-related taxes, redemption liquidity, and market risks. Analysts say the price increase was partly driven by catalysts, coinciding with the timing of key technical level tests. Analyst Michaël van de Poppe increased his holdings at around $1.82, viewing this pullback as an accumulation opportunity.