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 the NYSE Arca. This move aims to expand the crypto ETF market to include more altcoins, following the growth of Ethereum (ETH) and Bitcoin (BTC) ETFs. The filing outlines the intention to uplist the Grayscale Near Trust under the ticker GSNR, pending SEC approval.
The Grayscale Near Trust, which currently trades over the counter, will be renamed the Grayscale Near Trust ETF. The product will operate as a passive investment vehicle, holding NEAR tokens directly. The transition is part of Grayscale’s ongoing effort to offer a broader range of crypto investment products.
Shares of the ETF would be created and redeemed in blocks of 10,000 through authorized participants. This process will use an in-kind and cash mechanism to ensure that prices remain close to the net asset value (NAV). The trust currently has a 2.50% expense ratio, with ETF fees still to be announced.
Launched in May 2024 as a private vehicle, the Grayscale Near Trust opened to public trading in September 2025. As of January 21, the product was managing about $900,000 in assets, with shares trading at $2.85. The reported NAV was approximately $2.19.
Despite this, the trust has often traded at premiums or discounts, which the ETF format aims to address. The proposal also includes an option for staking, though Grayscale has clarified that it will not activate staking unless certain regulatory and tax conditions are met.
The ETF filing did not trigger an immediate response in the market, suggesting that traders are cautious about the timing and approval chances. When the filing was made, NEAR was trading around $1.53, down 69% over the previous year. In the past week alone, the token saw a 17% decline.
This price context is essential for the proposed ETF, as its value will depend on the volatile spot price of NEAR tokens. Grayscale’s move reflects a broader trend among asset managers to expand the crypto ETF market beyond Bitcoin and Ethereum.
Grayscale’s filing follows similar moves from other asset managers, including Bitwise, which filed for 11 single-asset crypto ETFs in December 2025. These ETFs will target tokens such as Aave (AAVE), Uniswap (UNI), and Sui (SUI), with NEAR also listed as one of the targeted assets.
The success of Ethereum and Solana ETFs in early January 2026 has likely fueled the drive for additional altcoin-focused ETFs. This increased competition highlights the race among issuers to gain a first-mover advantage in the growing crypto ETF market.
The post Grayscale Seeks SEC Approval to Convert NEAR Trust Into Spot ETF appeared first on Blockonomi.


