The NEAR-based ETF launched by Bitwise has raised over $52.8 million in its first two days of operation. On the first day, the fund's assets under management reached $36 million, and on the second day, they increased by $13.2 million. Trading volume by the end of the second day reached $20.1 million. The fund offers market participants direct exposure to the NEAR token with an annual fee of 0.75%. Additionally, it includes staking, which provides an annual yield of approximately 5%, automatically increasing the net asset value (NAV) for investors.
The analysis of the initial results was conducted by Matt Hougan, head of Bitwise's investment division, who characterized the fund's debut as a "successful start." The supporting 40-page report also presents NEAR Protocol as a global settlement hub for autonomous AI agents. The authors of the study proposed two future scenarios for the asset, applying a conservative SaaS valuation methodology with a 50x multiplier on blockchain fees. The optimistic scenario suggests that by 2030, NEAR could be valued at $562.81 if the network captures 3% of the AI agent market, corresponding to approximately 950 million programs. The pessimistic scenario, assuming a monopoly remains with centralized giants like OpenAI, values the asset at $1.63.
The fund's launch coincided with a local surge in the NEAR market: in September, the token's price nearly tripled from August lows, reaching $4.99. Furthermore, the NEAR network ranks second in the world for the number of active addresses—47 million—thanks to the development of fast cross-chain transactions through NEAR Intents. This new investment option has filled a niche at the intersection of Web3 and generative artificial intelligence, fully aligning with management's expectations regarding its initial performance.
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