Grayscale Moves Forward with ETF Plan Amidst Selling Pressure on NEAR

Grayscale, a prominent asset management firm, is pursuing regulatory approval to convert its Grayscale Near Trust into a spot exchange-traded fund (ETF). This effort was marked by the submission of a Form S-1 registration statement to the US Securities and Exchange Commission (SEC) on January 20, as part of its strategy to broaden its offerings in the crypto ETF landscape.

Key Takeaways

Grayscale is seeking regulatory approval to convert its Grayscale Near Trust into a spot ETF.
The ETF is intended to be listed on NYSE Arca and will not use leverage or derivatives.
Grayscale has appointed Coinbase Custody for asset management and The Bank of New York Mellon as administrator.
The recent filing adds to Grayscale's strategic expansion in the crypto ETF market.
NEAR's price has fallen by 1.76% in the past 24 hours, reflecting wider market trends and ongoing selling pressure.

Grayscale's Initiative to Transform Near Trust into an ETF

Currently, the Grayscale Near Trust oversees approximately $900,000 in assets, boasting a net asset value of $2.19 per share. This trust is available for trading on the OTCQB market under the ticker symbol GSNR. With the proposed change, the ETF will be listed on NYSE Arca. According to the filing, the shares are presently traded under the symbol ‘GSNR’ on OTCQB, and with the registration statement's effectiveness, the Trust intends to transition to NYSE Arca under the same symbol.

Grayscale has appointed Coinbase Custody Trust Company to manage the NEAR assets, with Coinbase serving as the prime broker. Additionally, The Bank of New York Mellon will act as the administrator and transfer agent. The ETF aims to provide a clear and efficient investment route for individuals looking to invest in NEAR via a regulated vehicle. Importantly, Grayscale emphasized that the fund will not utilize leverage or derivatives in its investment approach.

The SEC continues to receive various crypto exchange-traded product (ETP) applications. The asset manager's move follows Bitwise, which also filed a Form S-1 for a Near ETF in May 2025. This recent filing represents a significant step in Grayscale's strategic growth within the crypto ETF sector. In 2025, they successfully transitioned several products into ETFs, including the Digital Large Cap Fund, Chainlink Trust, and XRP Trust, bringing their total offerings to nine live ETFs.

Furthermore, just earlier this month, Grayscale initiated the formation of new Delaware statutory trusts designed for future BNB and Hyperliquid ETFs. These trust registrations serve as preliminary stages before the submission of comprehensive SEC ETF applications, and Grayscale is also seeking ETF approvals for Hedera, Avalanche, and Bittensor.

However, this announcement did not lead to an immediate increase in NEAR's market price. Data from BeInCrypto Markets indicates that NEAR experienced a decline of 1.76% over the past 24 hours, reflecting trends consistent with the broader market's downward movement. As of this writing, NEAR is valued at $1.54.

NEAR Price Performance

NEAR's decline has been even more significant on a weekly basis, with an approximate value drop of 14.3% over the past seven days. This loss indicates ongoing selling pressure and a cautious stance from investors amid prevailing macro and geopolitical uncertainties.