Can Grayscale’s NEAR ETF Pave the Way for a Price Surge to $2–$3?

Grayscale Investments recently announced the filing of Form S-1 with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale NEAR Trust into a spot exchange-traded fund (ETF). This move raises intriguing questions about the future price trajectory of NEAR.

Key Takeaways

Grayscale filed to convert its NEAR Trust into a spot ETF, indicating a shift towards regulated crypto investments.
The NEAR ETF aims to track market prices and includes a staking clause for potential yield.
The filing follows Bitwise's earlier application and points to a more favorable regulatory climate for altcoin ETFs.
If approved, this ETF could offer a regulated investment avenue for traditional investors interested in the NEAR ecosystem.

Grayscale files to convert NEAR Trust into a spot NEAR ETF.

Grayscale’s Push for Broader Spot Crypto ETFs

According to market analysts, this filing suggests that the regulatory environment might soon support a more extensive range of spot crypto ETFs beyond just Bitcoin and Ethereum. Should the Grayscale NEAR ETF receive approval, it will undergo significant changes to comply with conventional ETF requirements.

The new fund will shift from over-the-counter markets to NYSE Arca, facilitating the creation or redemption of shares in baskets of 10,000 units, which can be done using either NEAR Protocol tokens or cash. The ETF aims to passively track the market price of NEAR while factoring in fees and liabilities, similar to the structure of existing spot Bitcoin ETFs.

Notably, the filing includes a staking provision that would enable the ETF to stake NEAR tokens via third-party providers, pending regulatory approval. If allowed, this staking could generate additional yield for the fund, creating an income aspect that is often absent in traditional spot ETFs.

In terms of operations, Grayscale has appointed Coinbase for custody and prime brokerage services, while Bank of New York Mellon will act as the administrator and transfer agent. These partnerships align with the infrastructure utilized by Grayscale's current ETF and trust offerings.

Launched in November 2021, the Grayscale NEAR Trust currently manages a modest asset base. This conversion is part of Grayscale's broader strategy to transform existing trusts into more liquid and regulated investment vehicles.

Footing the trend, Bitwise also filed its application for a spot NEAR ETF back in May 2025. Grayscale's proactive approach to filing ETFs in early 2026 shows its intent to expand into additional altcoin markets.

Industry analysts observe that the timing of these filings appears favorable, given a more supportive regulatory climate under the current U.S. administration. This increasing regulatory acceptance raises hopes for the approval of more altcoin spot ETFs in the upcoming year.

If greenlit, the Grayscale NEAR ETF would provide traditional investors with a regulated pathway into the NEAR ecosystem while integrating staking mechanisms into mainstream ETFs.