Crypto asset manager Grayscale has recently submitted a filing to the U.S. Securities and Exchange Commission (SEC) to convert its NEAR Protocol Trust into an exchange-traded fund (ETF).

Grayscale filed a preliminary prospectus for the Grayscale NEAR Trust, which offers shares representing fractional ownership in NEAR Protocol tokens (NEAR). The company plans to have the trust listed as an ETF on the New York Stock Exchange Arca.

This latest move is part of Grayscale’s established strategy of launching products as private trusts, subsequently transitioning them into over-the-counter (OTC) markets, and finally converting them to exchange-traded products.

Earlier this year, Grayscale transformed its Digital Large Cap Fund, Chainlink Trust (LINK), and XRP Trust into ETFs, continuing its growth trajectory in the crypto asset management space. Furthermore, the company formed new Delaware statutory trusts earlier this month, potentially linked to Binance Coin (BNB) and Hyperliquid (HYPE).

Bloomberg ETF specialist James Seyffart noted that “Crypto ETP filings continue to come across the SEC’s desk.”

NEAR Trust NAV Down 45%

The NEAR Trust, trading under the symbol GSNR on OTCQB, has seen a decline of 45% in its net asset value (NAV) since its launch in September, now standing at $2.19 per share. Currently, the trust has only $900,000 in assets under management.

NEAR Tokens Drop 92% in Two Years

NEAR Protocol has emerged as a high-performance, AI-native platform designed for decentralized applications. NEAR token prices peaked at over $20 in January 2022 during a surge led by AI technologies, but they have since plummeted 92%, currently trading at $1.54 as the influence of the altcoin market wanes.