Bitwise's New NEAR ETF Quietly Takes 33% of Staking Rewards, and Two Insiders Are Splitting the Cut

Bitwise's New NEAR ETF Takes 33% of Staking Rewards, and Two Insiders Split the Cut

Bitwise just launched the first-ever US spot NEAR Protocol ETF, and buried inside the fee structure is something every staking investor needs to read twice: the fund claims 33% of all staking rewards before you see a single dollar.

That alone is a headline. But here is the part the press release does not lead with.

Two of the three parties splitting that 33% cut are Bitwise itself and Attestant, an affiliate that Bitwise expects to operate the fund's validators. In other words, Bitwise launched a product, hired a related company to run the backend, and both entities now collect a share of every reward generated by investor capital.

What the Structure Actually Looks Like

Staking ETFs are not new in concept, but the fee-sharing mechanics are still being written in real time as the first wave of US spot crypto ETFs rolls out. The NEAR fund joins a small but growing group of products that bundle staking yield directly into the wrapper, making it easier for institutions to access rewards without running their own nodes.

The tradeoff is cost. A 33% rake on staking rewards is significant. NEAR Protocol's staking yield has historically hovered in a range that makes that cut meaningful in absolute terms, especially as assets under management scale upward.

For context, staking a meaningful NEAR position independently through a reputable third-party validator typically costs somewhere between 5% and 10% of rewards. Bitwise's structure is charging roughly three to six times that, with the premium flowing partly to an affiliated entity.

Why This Matters Beyond NEAR

This is not just a NEAR story. It is a preview of how Wall Street is planning to monetize the staking layer across every proof-of-stake asset that gets ETF approval. The Bitwise NEAR launch sets a visible benchmark. If regulators and investors accept a 33% staking cut without serious pushback, expect that number to become the industry floor rather than the ceiling.

Solana, Ethereum, and Cosmos-based ETF staking structures are all coming. The precedent being set right now with NEAR will echo across every one of those products.

What to Watch

If you hold NEAR or are considering the ETF, compare the net yield after fees against simply staking directly or through a low-cost validator. For institutional buyers who cannot hold crypto natively, the ETF wrapper may still be worth the cost. For everyone else, the math deserves a hard look before you hand over a third of your yield to two related parties.

Watch whether competing issuers undercut Bitwise on staking fee splits. That competition, if it comes, is the only thing likely to compress these margins.