*Prospectus effective Sep 24 333-286995 — ETF NRR NYSE Arca — 0.75% fee — Coinbase Custody — staking 100% holdings 33% expense → 67% to trust — European ETP already $132M since July 2025 — total NEAR fund AUM $150M+ pre US — Bitwise teases "The future is near. 09/29/2026" launch hint*
- *39-page investment report co-author Matt Hougan, André Dragosch, Ayush Tripathi — 3 scenarios 2030:*
- Base $155 (exact $155.85 in video summary)
- Bull max $562-563 ($562.81)
- Bear $1.63 below current $5.01-5.58 range — includes downside risk disclaimer**
- *Model = Protocol Value Accrual — not DeFi fees only — 3 sources: 1) token swap fees routed via NEAR Intents (now $30B volume, $249M TVL all-time high, $30B Intents vol, 100% revenue used since Feb to buy back NEAR open market + 70% base gas burn) 2) revenue from hosting AI agent tasks 3) micropayments AI model training/inference — applies 50x revenue multiple (between inflated early crypto multiples and ∼30x OpenAI private valuation) — bull case compares to Visa $15.7T 2024 payment vol $701B mcap*
- *NEAR now $5.016 -4.12% Sep 28 pullback after $5.45 1-year high 48% 7d — 5d +17.66% 1M +172% YTD +213% — structure: less supply as staked tokens unbonding period*
*BREAKING 🚨 Bitwise projects NEAR $155 base 2030, bull $562-563, bear $1.63 📈 39-page report Sep 24 — Matt Hougan — model: Protocol Value Accrual = Intents swap fees ($30B vol $249M TVL buyback 100% rev since Feb) + AI agent hosting + AI micropayments — 50x multiple vs OpenAI 30x — ETF NRR 0.75% fee staking 67% retained — NEAR $5.01 now -4% after $5.45 1yr high +48% 7d — compares to Visa $15.7T vol $701B mcap in bull case 🚀 $HBAR $BTW $QNT
- *39-page investment report co-author Matt Hougan, André Dragosch, Ayush Tripathi — 3 scenarios 2030:*
- Base $155 (exact $155.85 in video summary)
- Bull max $562-563 ($562.81)
- Bear $1.63 below current $5.01-5.58 range — includes downside risk disclaimer**
- *Model = Protocol Value Accrual — not DeFi fees only — 3 sources: 1) token swap fees routed via NEAR Intents (now $30B volume, $249M TVL all-time high, $30B Intents vol, 100% revenue used since Feb to buy back NEAR open market + 70% base gas burn) 2) revenue from hosting AI agent tasks 3) micropayments AI model training/inference — applies 50x revenue multiple (between inflated early crypto multiples and ∼30x OpenAI private valuation) — bull case compares to Visa $15.7T 2024 payment vol $701B mcap*
- *NEAR now $5.016 -4.12% Sep 28 pullback after $5.45 1-year high 48% 7d — 5d +17.66% 1M +172% YTD +213% — structure: less supply as staked tokens unbonding period*
*BREAKING 🚨 Bitwise projects NEAR $155 base 2030, bull $562-563, bear $1.63 📈 39-page report Sep 24 — Matt Hougan — model: Protocol Value Accrual = Intents swap fees ($30B vol $249M TVL buyback 100% rev since Feb) + AI agent hosting + AI micropayments — 50x multiple vs OpenAI 30x — ETF NRR 0.75% fee staking 67% retained — NEAR $5.01 now -4% after $5.45 1yr high +48% 7d — compares to Visa $15.7T vol $701B mcap in bull case 🚀 $HBAR $BTW $QNT
