Grayscale files to convert NEAR Protocol Trust into an ETF on NYSE Arca. NEAR price rebounds 3%, showing growing market interest.
Grayscale Investments has filed an S-1 form with the U.S. SEC to convert its Grayscale Near Trust into a spot ETF.
If approved, the Grayscale Near Trust ETF will be listed on NYSE Arca under the ticker GSNR.
This move comes as NEAR Protocol’s price recently rebounded, showing growing interest in the asset.
Grayscale Seeks SEC Approval for NEAR ETF
Grayscale has officially filed for approval to transform the Grayscale Near Trust into a spot ETF.
The company intends to rename the trust to the Grayscale Near Trust ETF if the filing is approved by the SEC.
The new ETF will track the spot price of NEAR Protocol and will be listed under the ticker GSNR on NYSE Arca.
In its filing, Grayscale also included plans to potentially integrate staking into the Trust.
If approved, they would partner with vetted third-party staking providers to stake the trust’s NEAR tokens.
This staking arrangement could provide additional benefits to investors in the ETF.
The filing also reveals the key partners Grayscale plans to work with, including Coinbase as the custodian and prime broker.
Other partners include The Bank of New York Mellon, CSC Delaware Trust Company, and Continental Stock Transfer.
These partners will help facilitate the ETF’s operations, ensuring its smooth launch and future growth.
NEAR Protocol Price Experiences a 3% Rebound
NEAR Protocol’s price has jumped more than 3% in recent hours, despite the overall market facing losses.
At the time of writing, NEAR is trading around $1.54, with a low of $1.50 and a high of $1.60 in the past 24 hours.
This price increase is noteworthy, considering the broader crypto market has seen a downturn recently.
According to CryptoPulse, the price is currently testing the key demand zone between $1.45 and $1.55.
If this level holds, a potential relief bounce toward the descending trendline around $1.8–$1.9 could be in play.
The rise in NEAR’s price comes with a 22% increase in trading volume over the past 24 hours.
This surge in volume indicates that traders are becoming more active in the market.
Despite this positive movement, NEAR is still trading below its 50-day and 200-day moving averages.
Additionally, the futures market for NEAR has seen increased interest. The total open interest in NEAR futures has risen by almost 2%, reaching $229 million in just a few hours.
This increase in futures activity suggests that traders are positioning themselves for potential future gains.
Related Reading: Grayscale Expands Altcoin Review List, Highlights AI and Infrastructure Sectors
Growing Interest in NEAR Protocol
Grayscale’s filing for the NEAR ETF comes at a time when crypto ETP filings are becoming more common.
Bloomberg ETF analyst James Seyffart noted that such filings are increasing as interest in crypto-based financial products grows.
In recent months, Grayscale has also filed for trust registrations related to other assets like BNB and Hyperliquid ETFs.
As Grayscale’s filing moves through the SEC’s approval process, interest in NEAR Protocol continues to grow.
The potential launch of a NEAR ETF could bring more attention to the protocol and expand its user base.
With increased visibility and interest, NEAR could see even further adoption in the crypto space.
The recent rebound in NEAR’s price, combined with Grayscale’s filing, signals that investors are becoming more confident in the protocol’s future.
As developments like these unfold, NEAR may continue to experience strong growth, attracting both new traders and long-term holders.
Source: https://www.livebitcoinnews.com/grayscale-files-to-convert-near-protocol-trust-into-etf-on-nyse-arca/
