NEAR Price Rallies on Sovereign Wealth Fund Proposal and ETF Filing

NEAR Protocol's native token has started climbing again after gaining more than 3% over the past 24 hours, driven by a combination of fresh catalysts. The token traded around $1.76 on Tuesday, rising from roughly $1.70 the previous day.

The rally unfolded in stages rather than through a single spike, with buyers repeatedly stepping in after minor pullbacks before challenging the $1.77 area. One of the biggest developments came from NEAR co-founder Illia Polosukhin, who introduced a governance proposal to establish a NEAR Sovereign Wealth Fund with an initial allocation of 30 million NEAR.

The proposed fund would be designed to generate yield from protocol assets instead of relying primarily on token emissions to finance ecosystem operations. Under the proposal, income generated by the fund would cover expenses including validator rewards and community public goods.