SVRN CEO Sal Ternullo joined Bitwise CIO Matt Hougan and host Robbie Klages on The Rollup the week Bitwise's NRR, the first US spot NEAR ETP, began trading on NYSE Arca.
The conversation opened with the re-pricing. Sal traced it to the bottom-up case SVRN published in Q1, built on revenue growth in NEAR Intents, and Matt described a market that had struggled to price NEAR as an AI moonshot and can now price it on the economics of Intents, with the long-term AI vision riding along as a call option. Both read the broader market the same way: Matt put the dispersion between the best and worst of the top 20 assets at roughly 130% over 30 days, and Sal called it the first time in ten years that a rising tide has stopped lifting every ship, as investors move from technology fundamentals to user adoption to revenue.
From there the discussion turned to tokenomics. Sal walked through the sequence: inflation cut from 5% to 2.5% last October, buybacks switched on once Intents showed product-market fit, and a new governance proposal to bring inflation from 2.5% to 1.6% over two years, so that both the demand and supply sides of the token are working. The episode closed on a question Sal gets often, whether a treasury company competes with the ETF. His answer was no: Bitwise has published institutional research on NEAR, runs an MPC node and validators on the network, and NRR gives investors plain exposure to the protocol and its yield, while SVRN is building an operating business and an active participant in governance.
"The exposure pattern that you get between NRR and SVRN is very different. We're building toward an operating business and an active participant in governance."
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