NEAR ETF Breaks Records with $35.5M Debut

The first US NEAR ETF, launched by Bitwise, took in $35.5 million on its debut, making it one of the most successful first-day fund launches for a token of its size.

According to CoinMarketCap data, this is more than three times the amount raised by the first XRP fund and nearly twice as much as Bitwise's Solana fund took in last October.

The NEAR ETF bought approximately 7.2 million tokens, which represents about 0.55% of the circulating supply, or roughly a quarter of the daily trading volume.

NEAR's price surged by 10.2% over the past 24 hours to reach $5.38, with some analysts predicting that it could more than double in value, reaching $12.04.