NEAR Protocol (NEAR) 'Sweeps Up' $52.8 Million Just Two Days After ETF Listing

▲ Source: Near Protocol

The first NEAR spot Exchange Traded Fund (ETF) to enter the U.S. stock market surpassed $52.8 million in Assets Under Management (AUM) just two days after its listing. With strong institutional buying confirmed, NEAR Protocol (NEAR), backed by the artificial intelligence (AI) blockchain narrative, is accelerating its institutional adoption.

According to crypto media outlet U.Today on October 1 (local time), the Bitwise NEAR ETF (NRR), launched by asset manager Bitwise on the NYSE Arca, recorded a net inflow of $13.2 million on September 30, its second day of trading. On that day alone, trading volume reached $20.1 million, pushing the cumulative AUM past the $52.8 million mark.

Matt Hougan, CIO of Bitwise, officially confirmed the early success, calling the performance a “strong start.” Hougan assessed that NEAR Protocol is building critical transaction-based infrastructure in the major transition to an agentic economy where AI agents interact and participate in economic activities. This analysis suggests that following the NEAR Staking Exchange Traded Product (ETP), which was already trading in the European market with approval from the German Federal Financial Supervisory Authority (BaFin), clear institutional demand for NEAR has also been proven in the U.S. stock market.

The self-staking reward structure, designed to maximize investment appeal, is also cited as a factor driving capital inflow. NRR has set an annual management fee of 0.75% and has adopted a method of directly staking the NEAR Protocol held by the fund on the network through Bitwise's institutional staking team, reflecting an average annual reward of approximately 5% in the Net Asset Value (NAV).

NEAR Protocol's robust on-chain performance also supports institutional investor sentiment. The cumulative transaction volume processed by NEAR Intents, a cross-chain transaction protocol, has surged from less than $1 billion a year ago to over $32 billion recently. Furthermore, with the completion of total supply unlock and a 2.5% reduction in the inflation rate, ensuring stability in the supply structure, expectations for medium to long-term institutional inflows are further heightened, even amidst concerns about profit-taking following short-term price spikes.

[Article Summary]

-The Bitwise NEAR Spot ETF (NRR) surpassed $52.8 million in AUM within 2 days of listing.

-On the second day alone, a net inflow of $13.2 million was recorded, and CIO Matt Hougan described it as a strong start.

-The self-staking reward structure of approximately 5% per annum and the growth of NEAR Intents, which surpassed $32 billion, drove the buying momentum.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*