Bitwise's NEAR ETF debuts with strong inflows

Bitwise has launched the first US ETF offering direct exposure to the NEAR Protocol, marking a significant milestone for the blockchain project. The ETF, trading under the ticker NRR, saw impressive inflows of over $10 million per day in its first three days, outperforming other single-asset crypto ETFs introduced in 2026. Bitwise CEO Hunter Horsley highlighted the strong demand, noting that some larger assets had weaker launches in the same year.

The ETF launch follows Bitwise's multi-year engagement with NEAR, including institutional research, a European ETP, and staking activities. Horsley framed NEAR's valuation as highly attractive, comparing its $5 billion market cap to AI platforms with similar traction, suggesting it may be undervalued.

NEAR's Intents framework, which turns swap volume into protocol revenue, was a key focus of the discussion. Sal Ternullo of Sovereign explained how Intents enables swaps between digital assets and tokenized equities, processing over $32 billion in volume. The revenue generated funds NEAR token buybacks, though Ternullo clarified that these are not burns, emphasizing the distinction from deflationary mechanisms in other ecosystems.

Both guests argued that NEAR is well-positioned for a fragmented future in AI and blockchain. Horsley predicted multiple models and blockchains, while Ternullo highlighted NEAR's role in hosting open-source models with privacy guarantees. Ternullo also noted growing consumer interest in privacy, citing Google search trends.