Bitwise says its NEAR Staking ETP has moved past $100 million in assets under management, a threshold the product reached as the underlying token surged over the past month rather than through a large wave of new buying.

The Frankfurt-listed vehicle holds 25.2 million NEAR tokens, which were worth about $116 million at Tuesday’s price. A month earlier, that same holding was valued at roughly half as much, highlighting how strongly the token’s market move affected the fund’s headline size.

Price appreciation appears to explain most of the jump

The product, listed in Frankfurt in July 2025, allows European investors to buy exposure to NEAR in an exchange-traded format. Bitwise holds the tokens on investors’ behalf and stakes them on the network, meaning the assets are locked to support network operations in exchange for newly issued tokens.

Bitwise Europe described the move above $100 million in assets as a milestone for its European product lineup. But the available figures suggest the increase was driven mainly by NEAR’s rally. According to the source article, NEAR rose 135% over the last 30 days, while the value of each ETP unit increased 107% over the same period.

Unit growth was modest compared with the rise in asset value

The source article argues that unit count offers a cleaner view of demand than asset value because assets can rise or fall with the token price, while new units are created only when investors buy. On that basis, the increase in participation looks limited.

An independent administrator counted 4,882,271 units on September 17, while Bitwise’s page showed 4,912,271 on Tuesday. That is an increase of 30,000 units, or about 0.6% month over month. Based on the article’s estimate, those additional units were worth around $639,000, a small contribution compared with the overall increase in assets under management. Each unit represents a claim on about 5.18 NEAR.

Fees and staking economics have changed since launch

The ETP charges an annual fee of 0.85%. Bitwise also keeps 33% of staking rewards, with investors receiving the remaining 67%.

At launch, Bitwise advertised a net staking return of 5.5%. The current factsheet cited in the source shows 3.01% instead. The article says network rewards have declined, while Bitwise’s share of the staking income has not changed. It also notes that recent inflows into Bitwise products have tended to favor products that offer a yield.

US listing remains unapproved

The product’s growth in Europe comes as a US version is still pending. A filing dated September 16 names the proposed Bitwise NEAR ETF, with the ticker NRR, for NYSE Arca.

That filing does not mean the fund is cleared to launch. The source article states that regulators have not approved the US product. For now, the confirmed development is that the Frankfurt-listed ETP has crossed the $100 million mark, largely during a period of sharp appreciation in NEAR’s market price.

Source: beincrypto.com