The layer-1 blockchain NEAR changed its approach toward AI in 2024, and it has since moved toward cross-chain infrastructure and autonomous AI agents. Now Bitwise has introduced the country’s first spot exchange-traded fund connected to the network.
Financial institutions are currently looking into how autonomous software could push demand for blockchain-based payment systems. BlackRock addressed this in a research paper last week, stating that AI agents might raise demand for stablecoins, cryptocurrencies and tokenized assets as machine-to-machine transactions grow more widespread.
NEAR’s AI Turn
NEAR is a layer-1 blockchain for decentralized applications. In 2024, it changed course from its previous direction and has since pushed harder into cross-chain infrastructure and AI agents that work on their own.
A wider shift is underway, and the timing of it fits with what major financial institutions are investigating: how autonomous software might fuel demand for blockchain-based payment systems. BlackRock’s research paper flagged AI agents as a potential driver for stablecoins, cryptocurrencies and tokenized assets, pointing out that machine-to-machine transactions are growing more common.
What BlackRock Said
BlackRock described AI as a potential “structural catalyst” for digital asset adoption. The firm argued that programmable assets could be well suited to high-frequency, low-value transactions that run around the clock.
The concept is straightforward: machines carrying out transactions with other machines require a means of moving value across systems. NEAR is presenting itself as the bridge that manages these transfers.
How Intents Works
Intents is the system NEAR is using to catch some of that activity. It allows users and AI agents to describe a desired transaction, with third-party solvers competing to carry it out across supported blockchains.
According to Hougan’s conversation with Cointelegraph, the architecture of Intents matches the aim-driven approach of LLMs and protects them from the difficulty of connecting and related obstacles.
Intents’ expansion has been driven by cross-chain usability, according to Hougan. He noted that bridging and cross-chain abstraction have bedeviled crypto for nearly a decade, with many losing both time and money attempting to move through that space.
The Hack Test
NEAR Intents revealed this week that it had stopped more than $50 million in attempted transfers tied to the $387.5 million Bitget hack. The protocol’s function in shifting assets between blockchains was drawn into attention as a result.
The SHIELD system’s processing came to a halt around $503,000, and close to $166,000 in what were believed to be ill-gotten gains moved through the protocol at the time.
The ETF Angle
Bitwise’s new fund gives investors exposure to NEAR’s native token through a spot investment vehicle traded on US exchanges. The fund is the first of its kind tied to NEAR.
It stands out when you look at it. NEAR changed its approach toward AI and cross-chain work in 2024, and BlackRock’s research paper singled out AI agents as a possible force behind stablecoins, cryptocurrencies and tokenized assets.
Why Investors Care
The fund gives investors a means to follow NEAR’s native token without buying it themselves. Instead of purchasing the token directly, which can carry friction, the ETF delivers a familiar structure for gaining exposure.
What Comes Next
Now the issue at hand concerns whether NEAR can follow through on its pledge. The network has already demonstrated its capacity to halt attempted transfers connected to a major hack.
| Feature | NEAR | BlackRock’s Research Paper |
|---|---|---|
| Focus | Cross-chain infrastructure and AI agents | Stablecoins, cryptocurrencies, tokenized assets |
| Design Goal | Align with LLMs’ goal-based orientation | High-frequency, low-value transactions |
| Timing | Strategy shift in 2024 | Research paper published last week |
Key Facts Box
– NEAR shifted strategy toward AI in 2024
– BlackRock research paper published last week
– NEAR Intents blocked more than $50 million in attempted transfers
– SHIELD system froze about $503,000 during execution
– Roughly $166,000 in suspected stolen funds passed through the protocol
– $387.5 million Bitget hack
What makes this launch stand out is that it offers retail investors a direct path to tracking NEAR’s native token, which fills a gap in a market where exposure to layer-1 tokens has been limited.
The ETF is a sign of trust in NEAR’s direction. BlackRock’, with the research paper pointing to AI agents as a likely driver for stablecoins, cryptocurrencies and tokenized assets, and NEAR developing infrastructure that matches that vision.
The hack test confirmed the protocol can halt attempted transfers. It is not yet clear if it can manage the anticipated surge in machine-to-machine transactions.
Currently, the fund offers investors a means to wager on NEAR’s shift in direction.
Source material: “Bitwise launches first US spot NEAR ETF after token’s recent surge,” Cointelegraph.
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