Asset manager Grayscale is seeking regulatory approval to convert Grayscale Near Trust into a spot exchange-traded fund (ETF).
The company filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission on January 20, indicating a move to expand its virtual currency ETF product lineup.
Grayscale to convert Near Trust into ETF with new SEC filing
For comparison, Grayscale Near Trust currently manages approximately $900,000 in assets and has a net asset value of $2.19 per share. The product trades on the OTCQB market under the ticker GSNR.
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Under the proposed conversion, the ETF would be listed on the NYSE Arca. According to the submitted documents,
“The Shares are currently listed on the OTCQB under the ticker symbol ‘GSNR,’ and upon the effectiveness of the registration statement of which this prospectus forms a part, the Trust intends to list the Shares on the NYSE Arca, Inc. (“NYSE Arca”) under the symbol ‘GSNR.’ ”
Additionally, Grayscale has appointed Coinbase Custody Trust Company as the custodian of its NEAR holdings. Coinbase, on the other hand, acts as a prime broker. Bank of New York Mellon will act as administrator and transfer agent.
The filing states that the ETF is designed to provide investors with an easy and efficient way to access NEAR through a regulated investment vehicle. Grayscale noted that the fund does not employ leverage, derivatives or other similar financial instruments as part of its investment strategy.
The asset manager has now joined Bitwise, which also filed a Form S-1 for the near ETF in May 2025. The latest filing reflects Grayscale’s continued strategic expansion within the crypto ETF market.
In 2025, the company converted several products into ETFs, including the Digital Large Cap Fund, Chainlink Trust, and XRP Trust. Grayscale currently offers nine live ETFs.
Additionally, Grayscale established a new Delaware statutory trust for the proposed BNB and HyperLiquid ETFs earlier this month. These Delaware trust registrations are an early step before filing a full SEC ETF application. Additionally, Grayscale is seeking approval for Hedera, Avalanche, and Bittensor ETFs.
Nevertheless, this announcement failed to generate an immediate increase in NEAR prices. According to data from BeInCrypto Markets, the altcoin has fallen by 1.76% in the past 24 hours, largely reflecting the broader market weakness. At the time of writing, NEAR was trading at $1.54.
NEAR’s losses are becoming more pronounced by the week. Over the past 7 days, the token has lost approximately 14.3% of its value. This reflects sustained selling pressure and cautious investor sentiment amid continued macro and geopolitical uncertainty.
