NEAR Fund Surpasses $100M as Token Prices Soar
Bitwise's NEAR fund has surpassed $100 million in assets under management, thanks to a 135% surge in the price of NEAR tokens over the past month. The fund holds 25.2 million NEAR tokens, which are currently worth around $116 million at Tuesday's prices.
This milestone was achieved without any new investors, as existing units in the fund saw their value rise significantly. Each unit represents a claim on about 5.18 NEAR tokens, and there has been a modest increase of 0.6% in the number of units over the past month, worth around $639,000.
Bitwise's NEAR Staking ETP was listed in Frankfurt in July 2023, allowing European investors to buy it like a share. The fund earns staking rewards for holding NEAR tokens and helps secure the network. Bitwise charges an annual fee of 0.85%, while keeping 33% of the staking rewards.
NEAR Protocol's co-founder Illia Polosukhin congratulated Bitwise on this achievement, noting it was a significant milestone since launching the product a year ago in Frankfurt. A US version of the fund is still pending approval from regulators.