Grayscale Plans Spot NEAR ETF With Fresh SEC Filing

Grayscale has taken another step in expanding its crypto ETF portfolio, filing paperwork with U.S. regulators to convert its Grayscale Near Trust into a spot exchange-traded fund.

The asset manager submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission on Jan. 20, signaling its intent to transition the existing trust into an ETF structure. If approved, the product would shift from trading on the OTCQB market to listing on NYSE Arca under the same ticker, GSNR.

The Grayscale Near Trust currently oversees roughly $900,000 in assets, with a net asset value of $2.19 per share. Under the proposed ETF framework, Coinbase Custody Trust Company would safeguard the fund’s NEAR holdings, while Coinbase would serve as prime broker. Bank of New York Mellon is slated to act as administrator and transfer agent.

According to the filing, the ETF is designed to give investors direct exposure to NEAR through a regulated vehicle, without using leverage, derivatives, or complex trading strategies. Grayscale’s move places it alongside other issuers exploring NEAR-based ETFs, as competition in niche crypto products continues to grow.

The filing fits into Grayscale’s broader push into exchange-traded funds. Throughout 2025, the firm converted several long-standing products into ETFs, including funds tied to major digital assets, bringing its total number of live ETFs to nine. It has also laid early groundwork for additional offerings, forming Delaware trusts linked to assets such as BNB and Hyperliquid, and pursuing ETFs tied to other blockchain networks.

Despite the regulatory momentum, NEAR’s market price showed little reaction. The token slipped 1.76% over the past 24 hours to around $1.54, in line with a broader market pullback. On a weekly basis, NEAR is down about 14.3%, reflecting ongoing selling pressure as investors remain cautious amid wider macroeconomic and geopolitical uncertainty.