Grayscale files will convert the NEAR Trust into a Spot ETF

The proposed ETF will hold NEAR directly, which aims to reduce the premiums and discounts seen in the current trust.

Grayscale has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) to convert its existing Grayscale Near Trust into a NEAR exchange-traded fund (ETF) listed on the NYSE Arca.

The move is the latest in an ongoing push by major asset managers to expand the crypto ETF market beyond mainstream assets like Bitcoin (BTC) and Ethereum (ETH) to a wider range of altcoins.

Details of the Proposed ETF Conversion

The filing, first marked X by Henry Jim of ETF Hearsay on January 20, reveals plans to raise Grayscale Near Trust under the ticker GSNR on the NYSE Arca, pending SEC approval.

The product is currently trading over the counter and will be launched in May 2024 as a private car before opening for public trading in September 2025.

Under the proposal, the trust would be renamed the Greyscale Near Trust ETF and operate as a passive product holding NEAR tokens directly. Shares will be created and redeemed in blocks of 10,000 by authorized participants, using a cash-and-carry method designed to keep prices close to net asset value.

The trust currently has an expense ratio of 2.50%, and the ETF’s fees are yet to be announced. Data from Grayscale’s website shows that as of January 21, the brand held nearly $900,000 in assets, with shares trading at around $2.85 and a reported NAV sitting around $2.19. Grayscale acknowledged that trusts often trade at large premiums or discounts, an issue the ETF format aims to mitigate.

The prospectus also reveals the accumulation of discretion, although it remains inactive. Staking will only begin if certain regulatory and tax conditions are met, and Grayscale retains the discretion as to whether to comply.

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NEAR Price Action

Looking at the market, ETF listings failed to trigger an immediate price response, suggesting that traders may be cautious about the timing and likelihood of approvals. At the time of filing, NEAR was trading around $1.53, representing a 69% decline over the past year and a roughly 17% decline over the past week.

This pricing context is appropriate for the proposed ETF, as its value will be directly linked to the often volatile NEAR spot price.

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 crypto-ETF tokens including Aave (AAVE), Uniswap (UNI), and Sui (SUI).

That filing, which also includes NEAR as one of its targets, was noted by ETF analyst Eric Balchunas as evidence of producers running for early profits. In addition, the success of the recent Ethereum and Solana ETF, which saw record trading volumes in early January 2026, is likely to encourage this wave of new inclusions.