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Bitwise has filed the final prospectus for a spot ETF on NEAR. The document is dated September 24, the fund ticker is NRR, and the listing is proposed on NYSE Arca. At the same time, Bitwise published its investment case for NEAR — a 39-page document co-authored by the company's CIO, Matt Hogan. In it, Bitwise models three price scenarios for $NEAR by 2030: 🟢 base case — $155 🚀 optimistic — $562 🔴 pessimistic — $1.63 These are Bitwise's scenarios, not guaranteed price forecasts. To justify the optimistic scenario, the company compares NEAR to Visa. In 2024, Visa processed about $15.7 trillion in payment volume, and its market capitalization was approximately $701 billion. Bitwise's logic is that blockchain networks can gradually become infrastructure not only for cryptocurrencies but also for payments, financial services, and AI applications. In such a scenario, NEAR is viewed as an infrastructure asset, not just another L1. Separately important is the ETF's structure itself. Coinbase Custody will act as the custodian of NEAR, and the fund plans to stake the assets. Investors are expected to receive about 67% of the staking rewards. Bitwise already uses a similar model for its Solana product. This creates a potentially interesting mechanism for the market: inflows into the ETF mean not only buying NEAR but also possibly moving some tokens into staking. Accordingly, part of the asset may be temporarily removed from the liquid supply. When Bitwise filed the application, NEAR was approximately 27th by market capitalization, with an average daily trading volume of about $272 million. Now NEAR gains access to another type of capital: investors can gain exposure to the token through a traditional brokerage account without directly buying cryptocurrency. Therefore, the main change is not just the ETF itself. NEAR is gradually moving from an asset category mostly accessible to crypto users to a format that can be integrated into traditional investment infrastructure.