Grayscale Files to Convert NEAR Trust Into 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 the NYSE Arca.

The move is the latest in a continued push by major asset managers to expand the crypto ETF market beyond flagship assets like Bitcoin (BTC) and Ethereum (ETH) into a broader range of altcoins.

Details of the Proposed ETF Conversion

The filing, first flagged on X by ETF Hearsay’s Henry Jim on January 20, outlines plans to uplist the Grayscale Near Trust under the ticker GSNR on NYSE Arca, pending SEC approval.

The product currently trades over the counter and was launched in May 2024 as a private vehicle before opening to public trading in September 2025.

Under the proposal, the trust would be renamed Grayscale Near Trust ETF and operate as a passive product holding NEAR tokens directly. Shares would be created and redeemed in blocks of 10,000 through authorized participants, using an in-kind and cash mechanism designed to keep prices closer to net asset value.

The trust currently carries a 2.50% expense ratio, with ETF fees still to be announced. Data from the Grayscale website shows that as of January 21, the product was managing about $900,000 in assets, with shares trading at about $2.85 and the reported NAV sitting near $2.19. Grayscale has acknowledged that the trust has often traded at sizable premiums or discounts, an issue the ETF format aims to reduce.

The prospectus also outlines optional staking, though it remains inactive. Staking would only begin if specific regulatory and tax conditions are met, and Grayscale retains discretion over whether to pursue it.

NEAR Price Action

Looking at the market, the ETF filing has failed to trigger an immediate price response, suggesting traders may be cautious about timing and approval odds. At the time of the filing, NEAR was trading around $1.53, reflecting a 69% dip over the previous year and a drop of about 17% in the past week.

This price context is relevant for the proposed ETF, as its value will be directly tied to the often-volatile spot price of NEAR.

Grayscale’s move is part of a broader trend of asset managers seeking regulatory approval for altcoin-focused ETFs. In late December 2025, competitor Bitwise filed for 11 single-asset crypto ETFs targeting tokens including Aave (AAVE), Uniswap (UNI), and Sui (SUI).

That filing, which also included NEAR as one of its targets, was noted by ETF analyst Eric Balchunas as evidence of issuers racing for a first-mover advantage. Furthermore, the success of recent Ethereum and Solana ETFs, which saw record trading volumes in early January 2026, has likely encouraged this wave of new filings.

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