Bitwise NEAR ETP Crosses $100M Mark: Win for Crypto Adoption, Doubts About Demand

Bitwise has announced that its NEAR fund has surpassed $100 million. The fund contains 25.2 million NEAR tokens. At Tuesday's price, those tokens are worth roughly $116 million. A month earlier, the same amount was valued at only half that figure.

The token itself did the heavy lifting, as NEAR's price surged 135% over the past 30 days. Bitwise did not require any new investors to hit the $100 million milestone.

NEAR's Surge Drove the Growth

The Bitwise NEAR Staking ETP, which began trading in Frankfurt in July 2025, is purchased by European investors in the same way as a stock. It holds NEAR on their behalf and stakes it—locking up tokens to support network operations in exchange for newly minted ones.

Each unit represents a claim on approximately 5.18 NEAR. Units serve as the true indicator of demand, since token prices move with market conditions while unit counts only increase when someone buys in.

An independent administrator counted 4,882,271 units on September 17. By Tuesday, Bitwise's report showed 4,912,271 units—a gain of 30,000 new units, or 0.6%, valued at around $639,000.

Over the same month, the value of each unit increased by 107%. NEAR itself climbed 135% in 30 days, based on NEAR market data.

"A milestone for another of our European products: the Bitwise NEAR Staking ETP has passed USD 100 million in assets under management.," Bitwise Europe shared.

Investor Costs and Promised Returns

The fund charges an annual fee of 0.85%. Bitwise also retains 33% of the staking rewards, leaving the remaining 67% for investors.

At launch, Bitwise advertised a net staking return of 5.5%. The current factsheet lists it at 3.01%, as network rewards have fallen while the fee structure remains unchanged. Bitwise's recent inflows have leaned on yield-bearing products.

"100m in NEAR Bitwise ETP. Gud milestone since launching it a year ago in Frankfurt," said Illia Polosukhin, co-founder of NEAR Protocol.

A US version is still pending. A September 16 filing names the Bitwise NEAR ETF, with ticker NRR, for NYSE Arca. Regulators have not yet approved it.