NEAR’s Investment Case Gains Support From Fees and Buybacks
Bitwise CIO Matt Hougan and Sovereign CEO Sal Ternullo say NEAR’s investment case is becoming easier to assess as its Intents product generates fees and supports token buybacks. Hougan said Intents has surpassed $30 billion in cumulative volume and is on track to produce about $45 million in fees this year. NEAR’s existing usage and cross-chain services, they argued, provide a case beyond its longer-term AI ambitions.
A governance proposal would reduce NEAR’s inflation rate from 2.5% to 1.6% over two years, though the change has not yet been approved. Ternullo said future AI-related fees could add another source of token value accrual if usage reaches sufficient scale. Bitwise has also launched a spot NEAR exchange-traded product on NYSE Arca, with staking rewards intended to benefit shareholders through net asset value. The speakers said stronger product activity, buybacks and lower issuance could support NEAR, while the AI fee opportunity remains conditional.
Bullish
The news is modestly bullish for NEAR because it describes current fee-generating activity and buybacks, alongside a proposal to reduce new token issuance. These mechanisms can strengthen the link between network usage and token value, and may attract traders looking for measurable fundamentals rather than an AI narrative alone. The reported Intents volume above $30 billion and projected annual fees of about $45 million offer concrete indicators for monitoring.
The impact is not certain. The proposed reduction in inflation still requires governance approval, and an AI fee switch depends on the product reaching sufficient scale. As in other crypto projects where buybacks or reduced emissions have supported sentiment, the announcement could prompt short-term interest, but price gains may fade if adoption, fees or buyback activity disappoint. Traders should also account for broader market conditions, NEAR’s liquidity and volatility, and the possibility that expectations are already reflected in the price. Longer term, sustained Intents use and successful AI monetisation would be more consequential than the statements themselves.