Grayscale is pushing deeper into crypto ETPs as it seeks approval for a near protocol etf that would migrate an existing trust onto a major US exchange.
Grayscale moves to convert NEAR trust into ETF
Grayscale Investments has filed a preliminary prospectus with the US Securities and Exchange Commission to convert its NEAR Protocol Trust into an exchange-traded fund. The application, submitted on Tuesday, would shift the vehicle from a private trust structure into a listed ETF.
Under the proposal, the new fund would trade on NYSE Arca with the ticker GSNR. However, until any approval, the existing Grayscale NEAR fund will continue to trade on the OTCQB market, a secondary US venue operated by OTC Markets Group Inc.
The NEAR Trust currently holds $900,000 in assets under management and began OTCQB trading in September under the same GSNR symbol. Moreover, the net asset value per share stands at $2.19, which is down 45% from its initial trading price.
This decline closely mirrors the broader altcoin market downturn observed over the past four months. That said, Grayscale is positioning the product for a potential recovery phase if risk appetite returns to the digital asset sector.
Fund structure, service providers and staking language
The filing confirms that Coinbase Inc will serve as prime broker for the proposed ETF. In parallel, Coinbase Custody Trust Company LLC is named as the custodian responsible for safeguarding trust assets, reinforcing institutional-grade handling of the underlying tokens.
The Bank of New York Mellon has been appointed as transfer agent and administrator, while Continental Stock Transfer & Trust Company will act as co-transfer agent. Moreover, CSC Delaware Trust Company has been designated as trustee of the trust, aligning the structure with earlier Grayscale products.
A notable element in the gsnr etf filing is explicit language around potential near token staking. Grayscale said it may enter into written arrangements with the custodian to stake NEAR with vetted third-party providers, provided certain conditions are met and regulatory constraints are observed.
However, the document stops short of confirming when or how any staking program would launch, instead framing it as an option. Grayscale indicated that detailed terms, including fee levels and revenue sharing if applicable, would appear only in future SEC submissions.
The ETF is designed to track the spot price of the NEAR protocol using the CoinDesk NEAR CCIXber Reference Rate, sometimes referred to as the coindesk near reference benchmark. Grayscale noted that methodology and calculation details for this index are published by CoinDesk Indices.
Grayscale’s broader ETF push in 2025
The new NEAR proposal fits into Grayscale’s wider 2025 effort to migrate private trusts into exchange-traded products. During this year, the firm has already converted its Digital Large Cap Fund, Chainlink Trust, and XRP Trust into ETFs, extending its reach across several major altcoins.
Earlier this month, Grayscale also formed new Delaware statutory trusts for potential offerings linked to Binance Coin and Hyperliquid. Moreover, Bloomberg ETF specialist James Seyffart noted that crypto ETP filings continue to land on the SEC’s desk, underlining persistent issuer demand despite regulatory uncertainty.
Grayscale’s model typically launches products first as private trusts, then seeks conversions once market maturity and regulatory conditions permit. The grayscale near trust is following this familiar path as it aims for a full ETF listing in the US market.
NEAR Protocol fundamentals and price history
NEAR Protocol is a high-performance blockchain platform built to support decentralized applications and AI agents. The network emphasizes scalability and developer friendliness, competing with other smart contract ecosystems that target high throughput.
The NEAR token surged to an all-time high above $20 in January 2022, during the peak of the last major bull cycle. However, since that apex, the asset has endured a sharp drawdown and currently trades more than 90% below its record levels.
According to the latest figures, NEAR is down 92% from its 2022 peak. That said, advocates argue that ongoing ecosystem development and potential ETP access could eventually support renewed institutional interest if broader crypto market conditions improve.
Market reaction to the ETF proposal
The ETF announcement triggered an immediate response in spot markets. Following Tuesday’s filing news, NEAR token prices climbed 3%, with the asset now trading at $1.54. Over the last 24 hours, the price has fluctuated within a range of $1.50 to $1.60.
Moreover, trading activity accelerated as investors reacted to the prospect of a US-listed vehicle. Volume rose 22% in the past 24 hours, signaling heightened interest from both retail and professional traders watching the ETF process.
Derivatives metrics moved higher as well. CoinGlass data showed that near futures open interest increased almost 2% to reach $229 million over the last four hours. On major venues including Binance, OKX, and Bybit, futures open interest climbed more than 2%, suggesting traders are positioning for potential volatility.
However, despite this short-term bounce, NEAR remains deeply below its January 2022 highs. Investors will now track the SEC review timeline closely, as any progress toward a near protocol etf on NYSE Arca could further influence liquidity, sentiment, and price discovery in the months ahead.
In summary, Grayscale’s GSNR proposal extends its strategy of turning private crypto trusts into listed ETFs, while the NEAR market response shows that even early-stage regulatory steps can move prices and on-chain positioning.
Source: https://en.cryptonomist.ch/2026/01/21/near-protocol-etf-grayscale/
