Grayscale Investments has taken another step in expanding its crypto-focused investment products.
The firm filed an S‑1 registration statement with the US Securities and Exchange Commission (SEC) on January 20, 2026.
The filing seeks to convert the existing Grayscale Near Trust into a spot exchange-traded fund (ETF).
This move aligns with Grayscale’s broader strategy of transforming its cryptocurrency trusts into regulated, retail-accessible investment vehicles.
The Grayscale Near Trust to an ETF
The Grayscale Near Trust currently trades on the OTCQB market under the ticker GSNR.
If approved, the trust will be renamed the Grayscale Near Trust ETF and listed on NYSE Arca.
The ETF will hold NEAR Protocol (NEAR) tokens directly, giving investors exposure to the cryptocurrency’s price without having to own the digital asset themselves.
The filing also mentions the potential for the ETF to participate in staking NEAR tokens through third-party providers.
Any staking rewards earned may enhance the fund’s value, although the implementation will depend on regulatory approval.
Shares will be created and redeemed in baskets of 10,000 shares.
Authorised participants can deliver NEAR or cash to create baskets, and redeem baskets for NEAR or cash.
The trust’s net asset value (NAV) will reflect the value of the NEAR tokens it holds, less expenses and liabilities.
Daily NAV calculations will provide transparency to investors, while an index price serves as a reference for creation and redemption.
Grayscale is sponsoring the trust, with CSC Delaware Trust Company as trustee and Coinbase Custody Trust Company as custodian.
The ETF’s operations will rely on other service providers, including BNY Mellon as transfer agent and administrator.
NEAR Protocol market reaction
Following the news of the ETF filing, NEAR’s price has shown moderate movement.
NEAR is currently trading at approximately $1.54, down 2.0% in the last 24 hours.
The cryptocurrency has been ranging between $1.50 and $1.57 over the same period.
Its 7-day trading range is slightly wider, spanning $1.50 to $1.86, reflecting volatility as investors digest the news.
In broader terms, NEAR has lost 68.7% over the past year, highlighting its long-term price challenges despite short-term interest from ETF developments.
The token’s all-time high of $20.44 in January 2022 remains far from current levels, though its all-time low of $0.5268 in November 2020 shows NEAR has experienced significant recovery.
Daily trading volume is approximately $181.9 million, suggesting active liquidity in response to news.
Investors will be watching closely to see whether ETF approval drives further trading activity or price stabilisation.
Approval would reflect growing confidence among asset managers that altcoins can be packaged into investment vehicles compliant with US securities law.
It could also make NEAR more accessible to mainstream investors, increasing liquidity and market visibility.
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