Bitwise, SVRN Bet on NEAR as AI Infrastructure Thesis Takes Shape

Why Bitwise Chose $NEAR

For Hougan, Bitwise’s chief investment officer, $NEAR offers exposure to a project whose existing transaction capabilities support a much larger ambition in AI. He believes investors will increasingly distinguish between cryptocurrencies based on what their networks deliver.

“Increasingly in the future, I think we’re going to see idiosyncratic returns specific to individual projects, how they execute and what market they’re going after,” Hougan said.

That is a portfolio thesis, rather than an established outcome. Its appeal depends on $NEAR developing sources of demand that distinguish it from the broader market. Hougan’s selection criteria also include staying power and a community with conviction.

“The thing that kills an ETF is if no one cares,” he said, adding that $NEAR’s appeal spans its existing cross-chain transaction capabilities and its ambition to support AI-driven commerce.

Financial Advisers Are Showing Up Early

NRR’s launch has attracted interest beyond the familiar buyers Hougan typically expects first: people who already follow or hold the underlying asset.

He said early internal reports indicate earlier-than-expected allocations from financial advisers. Those observations are anecdotal, as ETF trading does not give an issuer a complete picture of its buyers.