Grayscale Files to Convert NEAR Trust Into ETF

The firm plans to list on NYSE Arca pending approval. The Grayscale NEAR Trust, which trades on OTCQB under the ticker GSNR, holds about $900,000 in assets and has seen its net asset value decline roughly 45% since launch. The underlying NEAR Protocol token is also more than 90% below its 2022 peak. At the same time, US spot crypto ETFs experienced large outflows. According to SoSoValue, spot Bitcoin and Ethereum ETFs recorded a combined $713 million in net outflows in a single day. These outflows were led by withdrawals from Grayscale’s GBTC, Fidelity’s FBTC, and BlackRock’s ETHA. 

Grayscale Expands ETF Lineup

Crypto asset manager Grayscale took another step in expanding its exchange-traded product lineup after filing with the US Securities and Exchange Commission (SEC) to convert its existing NEAR Protocol Trust into an exchange-traded fund (ETF). 

The company submitted a preliminary prospectus on Tuesday for the Grayscale NEAR Trust, which currently offers investors exposure to NEAR Protocol tokens through shares representing fractional ownership of the underlying asset. Grayscale intends for the converted product to trade on NYSE Arca, pending regulatory approval.

The filing follows a familiar playbook for Grayscale, which historically launched crypto investment products as private trusts, transitioned them to over-the-counter markets, and later sought conversion into fully listed exchange-traded products. That approach gained traction in 2025, when the firm successfully converted several vehicles into ETFs, including its Digital Large Cap Fund, its Chainlink Trust, and its XRP Trust. More recently, Grayscale also formed new Delaware statutory trusts tied to potential future products linked to Binance Coin and Hyperliquid.

The Grayscale NEAR Trust currently trades under the ticker GSNR on OTCQB, a secondary market operated by OTC Markets Group. Since beginning public trading in September, the trust accumulated roughly $900,000 in assets under management. However, its performance has reflected the weakness across altcoin markets. The trust’s net asset value per share stands at about $2.19, which is a decline of roughly 45% since launch.

Grayscale Near Trust fact sheet

The underlying NEAR token has faced even steeper losses over a longer time frame. NEAR Protocol, which is a high-performance, AI-native blockchain designed for decentralized applications and autonomous agents, saw its token surge above $20 at the peak of the 2022 AI-driven market rally. Since then, prices have fallen by more than 90%, with NEAR currently trading close to $1.53. 

NEAR’s price action over the past year (Source: CoinCodex)

If approved, the conversion of the NEAR Trust into an ETF would be another milestone in Grayscale’s effort to bring a wider range of digital assets into traditional investment markets.

Bitcoin and Ethereum ETFs Shed $713M in One Day

In other crypto ETF news, US spot Bitcoin and Ethereum ETFs saw heavy selling pressure on Tuesday, and recorded a combined net outflow of roughly $713 million thanks to macroeconomic and geopolitical uncertainty. Data from SoSoValue shows that spot Bitcoin ETFs accounted for the majority of the outflows, with $483.4 million exiting eight funds in a single session.

Among Bitcoin products, Grayscale’s flagship GBTC recorded the largest daily outflow at $160.8 million, followed closely by Fidelity’s FBTC, which shed $152 million. The latest figures build on last Friday’s selling wave, when spot Bitcoin ETFs collectively lost $395 million.

Bitcoin ETF flows (Source: SoSoValue)

Spot Ethereum ETFs also reversed course after several days of inflows by posting $230 million in net outflows across six funds and snapping a five-day positive streak. BlackRock’s ETHA led Ether-related losses, with $92.3 million leaving the fund in one day. The ETF drawdowns coincided with broader weakness in the crypto market, as Bitcoin slipped below $89,000 after trading above $97,000 just a week earlier, while Ethereum fell under the $3,000 level.

Ethereum ETF flows (Source: SoSoValue)

Analysts attribute the pullback to macro-driven stress rather than crypto-specific fundamentals. Ongoing geopolitical friction, particularly the unresolved trade dispute between the United States and the European Union over Greenland, contributed to investor caution. 

Presto Research Head of Research Peter Chung pointed out that panic selling of Japanese government bonds by domestic investors tightened global liquidity conditions, pressuring equities and digital assets. BTSE COO Jeff Mei said markets reacted negatively to renewed tariff threats from US President Donald Trump, though some traders still expect the rhetoric to soften to avoid broader economic fallout.

Despite the ETF outflows, several analysts argue the moves reflect short-term institutional de-risking rather than a structural shift away from crypto. LVRG Research Director Nick Ruck described current conditions as a healthy consolidation phase following early-2026 volatility, pointing to strong institutional infrastructure that could support renewed inflows once macro signals stabilize.