Key Takeaways
- • Ryan Rasmussen, Head of Research at Bitwise, argues investors underestimate institutional and enterprise adoption of NEAR and Hyperliquid (HYPE), according to an exclusive interview with Crypto Briefing.
- • NEAR Intents processed a record $4.8 billion in September, up nearly 900% from a year earlier, and users have paid more than $29 million in fees since February, funding $5.3 million in NEAR buybacks.
- • Rasmussen acknowledged NEAR buybacks remain insufficient to offset new token issuance: "Today, buybacks aren't enough to offset new issuance. But it's still early."
- • Hyperliquid generates nearly $1 billion in revenue, with 99% of trading fees used to buy back HYPE, a structure Rasmussen says resonates with financial advisors evaluating crypto through equity-style metrics.
- • Rasmussen identified competition from centralized exchanges including Coinbase, Binance and CME, alongside regulatory risk, as key threats to both ecosystems, and warned that treasury-company purchases are sensitive to falling valuations and NAV premiums.
Summary
Ryan Rasmussen, Head of Research at Bitwise, says NEAR and Hyperliquid are offering investors new ways to evaluate crypto assets through revenue generation, token buybacks and growing institutional demand. In an exclusive interview with Crypto Briefing, he discussed the investment cases for both tokens, the role of exchange-traded funds (ETFs) and digital asset treasury companies, and the risks facing each ecosystem.
Rasmussen describes NEAR as two investments in one. The first is NEAR Intents, a trading infrastructure product that processed a record $4.8 billion in September, up nearly 900% year over year. The second is NEAR's potential role in providing infrastructure for AI agents. The network has begun converting Intents activity into token demand: since February, users have paid more than $29 million in fees, resulting in $5.3 million in NEAR buybacks. Rasmussen acknowledged that current repurchases do not offset new issuance, but expects growing Intents activity to make buybacks a more significant factor in NEAR's token economics. His comments build on recent remarks from Bitwise CIO Matt Hougan and Sovereign CEO Sal Ternullo, who said NEAR is entering a new phase of token value accrual. Rasmussen sees potential in NEAR AI Cloud, though its revenue has not yet produced a comparable direct buyback mechanism. He flagged competition as a major risk: NEAR's established business faces rivals offering lower trading fees, and its AI infrastructure has yet to prove it can capture meaningful market share.
For Hyperliquid, Rasmussen says the revenue model is already resonating with financial advisors seeking familiar frameworks. He noted that 99% of Hyperliquid trading fees buy back the HYPE token, allowing investors to assess the network using concepts associated with equities, such as revenue generation and share repurchases. He said Hyperliquid generates nearly $1 billion in revenue and leads the decentralized perpetual futures market, but cautioned that growth must be weighed against competition from centralized exchanges including Coinbase, Binance and CME, as well as regulatory risks. Bitwise and other issuers offer investment products tied to HYPE, providing exposure through traditional brokerage and retirement accounts. Rasmussen noted that Bitwise cannot see who holds HYPE ETF shares.
Rasmussen also identified ETFs and digital asset treasury companies as additional sources of token demand. Companies such as Sovereign and Hyperliquid Strategies accumulate NEAR and HYPE, respectively, deploying capital into decentralized finance. He distinguished these purchases from usage-driven demand: "Usage demand shows up every month as fees and buybacks, while treasury purchases (or flows into ETFs) show up as increasing demand for the token." He warned that treasury purchases are sensitive to market conditions, as falling equity valuations or shrinking premiums to net asset value could slow accumulation, and that treasury companies could become both buyers and sellers. Unlike ETFs, treasury companies also carry management expenses, execution risk, and shares that can trade at significant premiums or discounts to their crypto holdings. Rasmussen concluded that execution and regulatory developments will be central to both investment cases, stating: "I believe investors underappreciate the impact that rising institutional and enterprise adoption will have on the growth of these networks and outlook for these assets."
Rasmussen describes NEAR as two investments in one. The first is NEAR Intents, a trading infrastructure product that processed a record $4.8 billion in September, up nearly 900% year over year. The second is NEAR's potential role in providing infrastructure for AI agents. The network has begun converting Intents activity into token demand: since February, users have paid more than $29 million in fees, resulting in $5.3 million in NEAR buybacks. Rasmussen acknowledged that current repurchases do not offset new issuance, but expects growing Intents activity to make buybacks a more significant factor in NEAR's token economics. His comments build on recent remarks from Bitwise CIO Matt Hougan and Sovereign CEO Sal Ternullo, who said NEAR is entering a new phase of token value accrual. Rasmussen sees potential in NEAR AI Cloud, though its revenue has not yet produced a comparable direct buyback mechanism. He flagged competition as a major risk: NEAR's established business faces rivals offering lower trading fees, and its AI infrastructure has yet to prove it can capture meaningful market share.
For Hyperliquid, Rasmussen says the revenue model is already resonating with financial advisors seeking familiar frameworks. He noted that 99% of Hyperliquid trading fees buy back the HYPE token, allowing investors to assess the network using concepts associated with equities, such as revenue generation and share repurchases. He said Hyperliquid generates nearly $1 billion in revenue and leads the decentralized perpetual futures market, but cautioned that growth must be weighed against competition from centralized exchanges including Coinbase, Binance and CME, as well as regulatory risks. Bitwise and other issuers offer investment products tied to HYPE, providing exposure through traditional brokerage and retirement accounts. Rasmussen noted that Bitwise cannot see who holds HYPE ETF shares.
Rasmussen also identified ETFs and digital asset treasury companies as additional sources of token demand. Companies such as Sovereign and Hyperliquid Strategies accumulate NEAR and HYPE, respectively, deploying capital into decentralized finance. He distinguished these purchases from usage-driven demand: "Usage demand shows up every month as fees and buybacks, while treasury purchases (or flows into ETFs) show up as increasing demand for the token." He warned that treasury purchases are sensitive to market conditions, as falling equity valuations or shrinking premiums to net asset value could slow accumulation, and that treasury companies could become both buyers and sellers. Unlike ETFs, treasury companies also carry management expenses, execution risk, and shares that can trade at significant premiums or discounts to their crypto holdings. Rasmussen concluded that execution and regulatory developments will be central to both investment cases, stating: "I believe investors underappreciate the impact that rising institutional and enterprise adoption will have on the growth of these networks and outlook for these assets."
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