Grayscale Files to Convert NEAR Trust Into Spot ETF
Grayscale has filed an S-1 registration assertion with the U.S. Securities and Exchange Commission (SEC) to convert its present Grayscale Near Trust right into a spot NEAR exchange-traded fund (ETF) listed on the NYSE Arca.
The transfer is the most recent in a continued push by main asset managers to increase the crypto ETF market past flagship property like Bitcoin (BTC) and Ethereum (ETH) right into a broader vary of altcoins.
Details of the Proposed ETF Conversion
The submitting, first flagged on X by ETF Hearsay’s Henry Jim on January 20, outlines plans to uplist the Grayscale Near Trust below the ticker GSNR on NYSE Arca, pending SEC approval.
The product at the moment trades over-the-counter and was launched in May 2024 as a non-public car earlier than opening to public buying and selling in September 2025.
Under the proposal, the belief could be renamed Grayscale Near Trust ETF and function as a passive product holding NEAR tokens instantly. Shares could be created and redeemed in blocks of 10,000 via licensed members, utilizing an in-kind and money mechanism designed to maintain costs nearer to internet asset worth.
The belief at the moment carries a 2.50% expense ratio, with ETF charges nonetheless to be introduced. Data from the Grayscale web site exhibits that as of January 21, the product was managing about $900,000 in property, with shares buying and selling at about $2.85 and the reported NAV sitting close to $2.19. Grayscale has acknowledged that the belief has usually traded at sizable premiums or reductions, a difficulty the ETF format goals to scale back.
The prospectus additionally outlines optionally available staking, although it stays inactive. Staking would solely start if particular regulatory and tax situations are met, and Grayscale retains discretion over whether or not to pursue it.
NEAR Price Action
Looking on the market, the ETF submitting has failed to set off a direct worth response, suggesting merchants could also be cautious about timing and approval odds. At the time of the submitting, NEAR was buying and selling round $1.53, reflecting a 69% dip over the earlier yr and a drop of about 17% previously week.
This worth context is related for the proposed ETF, as its worth can be instantly tied to the often-volatile spot worth of NEAR.
Grayscale’s transfer is a part of a broader pattern of asset managers looking for regulatory approval for altcoin-focused ETFs. In late December 2025, competitor Bitwise filed for 11 single-asset crypto ETFs focusing on tokens together with Aave (AAVE), Uniswap (UNI), and Sui (SUI).
That submitting, which additionally included NEAR as considered one of its targets, was famous by ETF analyst Eric Balchunas as proof of issuers racing for a first-mover benefit. Furthermore, the success of current Ethereum and Solana ETFs, which saw report buying and selling volumes in early January 2026, has probably inspired this wave of recent filings.
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