Grayscale Files To Convert NEAR Protocol Trust Into Spot ETF

Crypto asset manager Grayscale has filed with the US Securities and Exchange Commission to convert its NEAR Protocol Trust to an exchange-traded fund.

Grayscale filed a preliminary prospectus on Tuesday for the Grayscale NEAR Trust, a security that offers shares representing fractional ownership in NEAR Protocol tokens (NEAR). 

The company intends to convert the existing Trust into an ETF to be listed on the New York Stock Exchange Arca. 

The move follows Grayscale’s established pattern of launching products as private trusts, moving them to OTC markets, and eventually converting them to exchange-traded products.

In 2025, Grayscale converted its crypto asset basket Digital Large Cap Fund, its Chainlink (LINK) Trust, and its XRP (XRP) Trust into ETFs. 

Earlier this month, Grayscale formed new Delaware statutory trusts tied to potential products linked to Binance Coin (BNB) and Hyperliquid (HYPE).

“Crypto ETP filings continue to come across the SEC’s desk,” observed Bloomberg ETF specialist James Seyffart on Tuesday. 

NEAR Trust NAV Down 45% 

The NEAR Trust began trading under the symbol GSNR on OTCQB, a leading secondary US market operated by OTC Markets Group Inc., in September. 

Related: Crypto ETPs gather steam with $2.2B inflows, Bitcoin dominates gains 

In its current form, it has $900,000 in assets under management. It has a net asset value per share of $2.19, down 45% from when it started trading as altcoin markets have tanked over the past four months. 

NEAR Trust NAV per share has tanked 45% since September. Source: Grayscale

NEAR tokens slump 92% in two years 

NEAR Protocol is a high-performance, AI-native platform built for the next generation of decentralized applications and AI agents.

NEAR token prices surged to an all-time high of just over $20 in January 2022 during the AI boom.

However, they have tanked 92% since then to currently trade at $1.54 as the altcoin season bypassed the current market cycle, and AI fever has faded. 

Magazine: Indians slam Pudgy Penguins, ex-digital yuan boss’s crypto scandal: Asia Express

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