#BitwiseNEARStakingETPAssetsTop$100M
Bitwise’s NEAR Staking ETP, listed in Frankfurt, has just achieved a major milestone by crossing the $100 million mark in Assets Under Management (AUM). However, a closer look at the data reveals that this achievement is driven more by explosive market momentum than by a sudden wave of new institutional buyers.
Here is the breakdown of what is actually happening behind the scenes of this massive AUM milestone.
📈 The Rally Did the Heavy Lifting
While crossing $100 million in AUM sounds like a massive influx of capital, the reality is tied directly to the underlying asset's performance.
The ETP currently holds 25.2 million NEAR tokens, which are now valued at approximately $116 million.
Over the past 30 days, the price of NEAR surged by a massive 135%.
In contrast, the actual demand for the ETP—measured by the number of units issued—rose by a mere 0.6%, bringing the total unit count to 4,912,271.
This means that Bitwise essentially needed no new investors to cross the $100 million finish line; the price appreciation of the NEAR token did all the heavy lifting.
📉 Yield Realities and Fee Structures
For investors looking at the staking benefits, the numbers have shifted since the product's launch.
The Fees: The ETP charges an annual management fee of 0.85%.
The Cut: Bitwise retains 33% of the generated staking rewards, passing the remaining 67% to investors.
The Yield Drop: Initially, Bitwise advertised a net staking return of 5.5%. However, as network staking rewards have declined, the current factsheet shows that the net yield has dropped to 3.01%.
🇺🇸 What’s Next: Eyes on the US Market
Despite the drop in yield, the milestone was celebrated by NEAR Protocol co-founder Illia Polosukhin as a significant achievement since the product's launch in Europe. Now, the focus is shifting to expansion. Bitwise has filed for a US version of the product, naming the proposed Bitwise NEAR ETF with the ticker NRR. This filing is currently pending regulatory approval by the SEC. If cleared, it could provide a massive new avenue for US institutional exposure to the NEAR ecosystem.
💬 What’s your move? Are you holding NEAR through the recent 135% pump, or are you waiting to see if the US ETF gets approved before taking a position? Let's discuss in the comments! 👇
