The episode discusses the launch of the Bitwise Near ETF (ticker NRR), highlighting Near's unique position at the intersection of crypto and AI. Key insights include Near's real revenue generation through Near Intents, the importance of the team and execution, and the thesis that Near is undervalued compared to AI platforms.
Summarized by Podsumo
Bitwise launched the first Near ETF (NRR), which saw strong early inflows of over $50 million in the first three days, indicating significant investor demand.
Near Intents generates real revenue for the protocol through transaction fees, with over $32 billion in volume processed, driving buybacks of Near tokens.
The hosts discuss Near's dual exposure to crypto and AI, positioning it as a platform for both human and agentic transactions, with a focus on fragmentation and privacy.
Near's valuation at around $5 billion market cap is compared to AI platforms, with the suggestion that it may be undervalued given its technology and execution.
The episode emphasizes the importance of the Near team, particularly Ilya's vision, and the ecosystem's dynamism in contrast to more static crypto projects.
"It's possible to have a successful ETF launch even in a bear market. We saw that with B Hype, the hyperliquid ETF, which launched in a bear market."
— Hunter Horsley
"If you look at NIR relative to other valuable platforms in AI, it might be the cheapest thing you've ever seen in your life. A $5 billion market cap... that's probably a tenth of the average valuation placed on AI platforms with traction."
— Hunter Horsley
"The common feedback loop is that Ilya was talking about the problems that would arise from centralized AI before Near mainnet went live."
— Sal Ternullo