Grayscale Files for NEAR Spot ETF as Token Jumps 3% Amid Market Weakness

TLDR

• Grayscale seeks SEC approval to convert NEAR Trust into a spot ET

• NEAR price jumps over 3% after filing before easing back near $1.50

• Proposed ETF would list on NYSE Arca under ticker GSNR

• Coinbase named prime broker and custodian for NEAR ETF structure
• Filing marks rare positive catalyst for NEAR after a weak 2025

Grayscale moved to convert its NEAR Trust into a spot ETF as the wider crypto market faced pressure. The filing triggered a brief price reaction, and NEAR climbed more than 3% from $1.44 to $1.80 before easing back to $1.50. The move marked a rare show of strength for the token after a difficult 2025 that pushed NEAR down nearly 70% year-on-year.

Grayscale

SEC Filing Details and ETF Structure

Grayscale submitted a registration statement to the SEC on January 20 and signaled a shift to a new structure. The plan renames the product as the Grayscale Near Trust ETF and seeks approval to list it on NYSE Arca under the ticker GSNR. The trust currently trades on the OTCQB market, and the transition aims to give the product broader market access.

The filing confirms that fee details and related terms will follow in later submissions and may reflect updated conditions. The structure includes provisions that allow the trust to stake NEAR tokens through approved third-party providers if market environments support that activity. This model aligns with trends shaping new digital asset products seeking regulated market entry.

The framework assigns CSC Delaware Trust Company as the trustee and appoints The Bank of New York Mellon as the administrator and transfer agent. Continental Stock Transfer and Trust Company will serve as a co-transfer agent to support operations. These roles strengthen oversight and align the product with established financial practices.

Custody and Brokerage Arrangements

The filing confirms Coinbase as the prime broker assigned to handle trade execution for the ETF. Coinbase Custody Trust Company will also act as the custodian and maintain secure storage for NEAR assets. This setup mirrors arrangements used across other regulated crypto-based products.

The ETF intends to track NEAR’s spot price using the CoinDesk NEAR CCIXber Reference Rate, which compiles market data from regulated venues. This benchmark seeks to provide accurate price discovery and consistent market tracking throughout trading sessions. Consequently, the ETF focuses on direct exposure rather than using derivatives.

The recent filing places NEAR alongside major crypto assets that already have spot ETF proposals or active products. This development signals growing institutional frameworks around NEAR despite recent weakness in the market. The token’s short-term reaction underscored continued interest in regulated structures tied to blockchain networks.

Market Context and Background

NEAR gained temporary momentum following the announcement even as the broader market trended downward. The price rally occurred with rising trading volume and increased activity in futures markets, which reflected growing attention to the filing. However, the move cooled quickly, and the token returned to the $1.50 range.

Grayscale aims to expand regulated access to digital assets and continues to convert existing trusts into exchange-listed ETFs. This strategy follows a wave of similar applications across the sector and highlights rising demand for transparent exposure. NEAR’s proposed ETF adds another protocol to the list of networks seeking mainstream market access.

The trust conversion filing comes at a time when crypto markets confront tightening liquidity and shifting sentiment. Yet, the ETF proposal provides a structural milestone for NEAR after a challenging performance year. The product now awaits SEC review as the market monitors regulatory progress.

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