$35Bn Asset Manager Grayscale Files for NEAR Crypto ETF

Ben Graham · 1 hora atrás

Grayscale has filed with the SEC to convert its NEAR Trust into a spot exchange-traded fund (ETF) amidst a broader decline in the cryptocurrency market. Despite this downturn, the price of NEAR rose by over +3%, from $1.44 to $1.80, accompanied by increased trading volume and futures interest, though the price has since cooled down and is back trading at $1.50.

The proposed ETF is designed to offer staking options and will utilize major custodians to track NEAR spot prices on regulated exchanges, offering NEAR crypto holders a reason to be optimistic following a lackluster 2025 that sees the token down -70% Year-on-Year.

Grayscale Investments submitted a registration statement to the US Securities and Exchange Commission on January 20, aiming to effect a structural shift to the existing product. Notably, this filing comes amid significant market challenges; however, the NEAR token demonstrated resilience following the announcement.

SEC Filing Details and Proposed Structure for NEAR Crypto ETF

The Form S-1 outlines plans to rename the product as the Grayscale Near Trust ETF. Additionally, Grayscale intends to list the shares on NYSE Arca under the ticker symbol GSNR. Currently, the trust trades on the OTCQB market. If approved, the ETF will migrate to a national securities exchange.

Grayscale has also stated that it will disclose fees and related terms in subsequent filings. The registration includes provisions allowing for stakeholder considerations.

BREAKING: Grayscale has filed an S-1 to convert its NEAR Protocol Trust into an ETF on the New York Stock Exchange. pic.twitter.com/307wgj1CFz

— Conor Kenny (@conorfkenny) January 21, 2026

If conditions permit, the trust may stake NEAR tokens through vetted third-party providers. This structure resembles approaches seen in other digital asset products currently under review.

The trust’s operational framework relies on established financial intermediaries. CSC Delaware Trust Company will act as the trustee, while The Bank of New York Mellon will serve as the administrator and transfer agent. Continental Stock Transfer and Trust Company will function as a co-transfer agent.

This is a notable move for the NEAR crypto protocol, putting it into the same bracket as BTC, ETH, XRP, and SOL, as having a spot ETF product.

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Custody and Brokerage Details: Prominent Entities Heading up the NEAR ETF Custody

Coinbase will act as the prime broker for the ETF, while Coinbase Custody Trust Company will serve as its custodian. This arrangement is consistent with the custody structures seen in various crypto-related investment products.

The ETF is designed to track the spot price of NEAR Protocol using the CoinDesk NEAR CCIXber Reference Rate. CoinDesk provides this benchmark, which compiles market data to accurately reflect spot pricing conditions. As a result, the ETF focuses on direct market exposure rather than utilizing futures-based instruments.

Analysts have observed a consistent influx of digital asset filings submitted to regulators. Grayscale has also registered trusts in Delaware for potential BNB and Hyperliquid ETFs. Consequently, the NEAR filing contributes to an expanding pipeline of products focused on spot pricing.

NEAR Crypto Market Reaction and Trading Activity

(SOURCE: CoinGlass)

After the filing, NEAR Protocol experienced a short-term price rebound, with the token rising over +3% during intraday trading, climbing from $1.44 to just over $1.80. This increase helped to counterbalance the losses seen during the broader market downturn, with NEAR down over -15% since the beginning of the year.

At the time of writing, NEAR is trading around $1.52, having hit a low of $1.50 and a 24-hour high of $1.58 today. Additionally, the 24-hour trading volume surged to over $316M yesterday (January 20), up nearly 100% from $166 M on January 19.

Today’s volume is already at $192M, with 10 hours left, indicating renewed interest from participants in the spot market following the news of the Grayscale NEAR spot ETF.

Despite this bounce, NEAR is still trading below its 50-day and 200-day moving averages, which indicates ongoing technical pressure. However, derivatives data reveal an improving sentiment, as CoinGlass data shows increased buying activity in recent hours.

Open interest in NEAR futures rose nearly +1% in the last hour, reaching approximately $226M. Major exchanges such as Binance and Bybit account for more than $100M of that figure.

While the Grayscale ETF news is big for NEAR crypto, broader market conditions are leaning bearish amid ongoing global trade and war tensions, which are dampening any major upside moves in the crypto markets.

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