Grayscale Seeks Approval for NEAR Consideration as a Spot ETF

Grayscale has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its existing Grayscale Near Trust into a spot NEAR exchange-traded fund (ETF) listed on NYSE Arca.

This move is part of a broader trend by asset managers to diversify the crypto ETF market beyond mainstream assets like Bitcoin and Ethereum, opening doors for a wider array of altcoins.

ETF Conversion Details

The application, first highlighted on X by ETF Hearsay’s Henry Jim on January 20, seeks to uplist the Grayscale Near Trust under the ticker GSNR, pending SEC approval. Currently, it trades over the counter, having launched in May 2024 and transitioning to public trading by September 2025.

If approved, the product will be renamed Grayscale Near Trust ETF and will work as a passive vehicle holding NEAR tokens directly. Shares will be issued and redeemed in blocks of 10,000 via authorized participants, using both in-kind and cash methods to maintain price alignment with the net asset value.

The trust currently holds a 2.50% expense ratio, with ETF fees yet to be determined. According to Grayscale’s site data from January 21, the product manages about $900,000 in assets, with shares trading at approximately $2.85, while the reported NAV is nearly $2.19. Grayscale has recognized that the trust frequently experiences significant premiums or discounts, an issue the ETF structure is designed to address.

The prospectus outlines optional staking, yet it is inactive. Staking will commence only when specific regulatory and tax conditions are fulfilled, with Grayscale retaining discretion regarding its pursuit.

NEAR Price Insights

Notably, the ETF filing did not evoke a swift market reaction, indicating trader hesitance regarding timing and approval prospects. As of the filing, NEAR traded around $1.53, representing a 69% decline over the past year and about a 17% drop in the last week.

This price landscape is crucial for the proposed ETF since its worth will be conexed directly to the volatile spot price of NEAR. Grayscale’s initiative forms part of a larger trend where asset managers are vying for regulatory endorsement of altcoin-focused ETFs. In late December 2025, competitor Bitwise filed for eleven single-asset crypto ETFs, targeting tokens like Aave and Uniswap. Notably, this included NEAR as one of its goals, with ETF analyst Eric Balchunas highlighting this as a sign of issuers racing for a first-mover advantage. Recent successes with Ethereum and Solana ETFs, which saw record trading volumes in early January 2026, have likely fueled this surge of new filings.