Grayscale has submitted an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to transform its existing Grayscale Near Trust into a spot NEAR exchange-traded fund (ETF) on NYSE Arca. If approved, the ETF would hold NEAR tokens directly, aiming to minimize the premiums and discounts that have often affected the current trust.
This move reflects a growing effort by major asset managers to expand the crypto ETF market beyond Bitcoin and Ethereum, bringing altcoins like NEAR into mainstream investment products.
Key Details of the Proposed ETF
The filing, first highlighted on X by ETF Hearsay’s Henry Jim on January 20, proposes uplisting the trust under the ticker GSNR. The Grayscale Near Trust currently trades over the counter, having launched privately in May 2024 and opening to public trading in September 2025.
Under the proposal, the trust would be renamed Grayscale Near Trust ETF and operate as a passive fund holding NEAR tokens directly. Shares would be created and redeemed in blocks of 10,000 through authorized participants using a combination of in-kind and cash mechanisms, designed to keep the ETF’s market price close to its net asset value (NAV).
The current trust has a 2.50% expense ratio, though ETF fees have not yet been announced. As of January 21, the trust managed about $900,000 in assets, with shares trading around $2.85 versus a NAV of roughly $2.19. Grayscale acknowledges that the trust has frequently traded at significant premiums or discounts, which the ETF structure is expected to reduce.
The filing also mentions optional staking, which would only begin if regulatory and tax conditions are satisfied, leaving Grayscale with full discretion to implement it.
NEAR Market Context
The filing did not immediately move NEAR’s price, suggesting traders are cautious about timing and approval likelihood. NEAR was trading near $1.53 at the time, down about 69% over the past year and 17% over the last week. Its volatility is an important factor for the proposed ETF, as the product’s value would closely track the spot price of NEAR.
Grayscale’s filing is part of a wider trend of asset managers seeking approval for altcoin-focused ETFs. In December 2025, Bitwise filed for 11 single-asset crypto ETFs targeting tokens including Aave (AAVE), Uniswap (UNI), Sui (SUI), and NEAR. ETF analyst Eric Balchunas noted these filings show issuers racing for first-mover advantage. The strong trading performance of recent Ethereum and Solana ETFs in early January 2026 has likely encouraged this wave of new applications.
