Bitwise and SVRN are pursuing different strategies to invest in NEAR, a blockchain focused on supporting artificial intelligence transactions. Bitwise launched an ETF called NRR, while SVRN aims to accumulate 10% of NEAR's token supply alongside operating network infrastructure. Both approaches rest on the premise that blockchain systems handling AI agent transactions could become valuable financial infrastructure.
Bitwise's ETF Strategy
Bitwise's chief investment officer Matt Hougan said NEAR offers exposure to a project with existing transaction capabilities that support AI infrastructure ambitions. He emphasized that investors will increasingly distinguish between cryptocurrencies based on what their networks deliver and the markets they serve.
NRR incorporates staking rewards, which are added back into the fund's net asset value rather than distributed as cash payouts. Hougan noted that early allocations from financial advisers have exceeded initial expectations, which he attributed to the intersection of cryptocurrency and AI technology attracting institutional interest.
SVRN's Operating Business Model
SVRN's CEO Sal Ternullo described the company's strategy as extending beyond asset holdings to building productive infrastructure. The company operates six white-labeled validators and acquired Fastnear, described as a cash-generating infrastructure business. SVRN is also developing infrastructure supporting NEAR Intents and confidential transactions, as well as private AI inference capabilities.
Ternullo indicated that SVRN may allocate capital toward financing the infrastructure layer, supporting application development, and commercializing those applications within the ecosystem.
The Investment Thesis
NEAR Intents has processed over $34 billion in transaction volume, with approximately 98% of interactions currently human-driven. The critical question for both investment vehicles is whether increased adoption translates into revenue and token demand.
NRR provides staking exposure within a fund structure, while SVRN adds operating businesses and associated execution risk. Both ultimately depend on NEAR converting adoption into economic value for token holders.
