Grayscale’s ETF Gambit: Will NEAR Finally Get Its Moment?

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Asset manager Grayscale is seeking regulatory approval to convert its Grayscale Near Trust into a spot exchange-traded fund (ETF).

The firm filed a Form S-1 registration statement with the US Securities and Exchange Commission on January 20, marking a move to expand its crypto ETF product lineup. Because nothing says “innovation” like turning a $900,000 trust into a publicly traded fund.

Grayscale Moves to Convert Near Trust Into ETF With New SEC Filing

For context, the Grayscale Near Trust currently manages about $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. Because who wouldn’t want to invest in a fund that’s basically a glorified savings account for crypto?

Under the proposed conversion, the ETF would be listed on NYSE Arca. According to the filing,

“The Shares are currently quoted on OTCQB under the ticker symbol ‘GSNR’ and following the effectiveness of the registration statement of which this prospectus forms a part, the Trust intends to list the Shares on NYSE Arca, Inc. (“NYSE Arca”) under the symbol ‘GSNR.’”

Furthermore, Grayscale named Coinbase Custody Trust Company as custodian for the NEAR holdings. Meanwhile, Coinbase would act as the prime broker. The Bank of New York Mellon would serve as administrator and transfer agent. Because nothing says “trustworthy” like a mix of tech startups and Wall Street dinosaurs.

The filing states that the ETF is designed to offer investors a straightforward and efficient way to access NEAR through a regulated investment vehicle. Grayscale noted that the fund would not employ leverage, derivatives, or other similar financial instruments as part of its investment strategy. Because, of course, who needs those when you can just have a straightforward, efficient way to lose money?

Crypto ETP filings continue to come across the SEC’s desk.

– James Seyffart (@JSeyff) January 20, 2026

The asset manager now joins Bitwise, which also filed a Form S-1 for a Near ETF in May 2025. The latest filing reflects Grayscale’s ongoing strategic expansion within the crypto ETF market. Because nothing says “strategic” like turning every crypto project into an ETF.

In 2025, the company converted several products into ETFs, including its Digital Large Cap Fund, Chainlink Trust, and XRP Trust. Grayscale now offers 9 live ETFs. Because if you can’t turn something into an ETF, what’s the point?

Moreover, earlier this month, Grayscale formed new Delaware statutory trusts for proposed BNB and Hyperliquid ETFs. These Delaware trust registrations are early steps before submitting full SEC ETF applications. In addition, Grayscale is seeking approval for ETFs on Hedera, Avalanche, and Bittensor. Because nothing says “future-proof” like a trust in Delaware.

Nevertheless, the announcement failed to generate any immediate upside for NEAR’s price. BeInCrypto Markets data shows that the altcoin declined 1.76% over the past 24 hours, broadly mirroring the wider market downturn. At the time of writing, NEAR was trading at $1.54. Because nothing says “investor confidence” like a 1.76% drop in 24 hours.

NEAR’s losses are more pronounced on a weekly basis. Over the past seven days, the token has shed approximately 14.3% of its value, reflecting sustained selling pressure and cautious investor sentiment amid ongoing macro and geopolitical uncertainty. Because who needs stability when you can have a 14.3% drop in a week?

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2026-01-21 11:06