Crypto asset management company Grayscale Investments has taken the spot altcoin ETF race a step further with a new filing with the U.S. Securities and Exchange Commission (SEC). The company submitted an S-1 filing to the SEC with the aim of converting its existing Grayscale NEAR Trust product into an exchange-traded fund. Following the filing, the NEAR Protocol token price recovered by over 3% despite sharp sell-offs in the overall crypto market. According to Grayscale's S-1 filing dated January 20th, the company aims to restructure its existing trust structure under the name "Grayscale NEAR Trust ETF." If approved, the fund's shares will trade on the NYSE Arca under the ticker symbol GSNR. GSNR is currently traded on the OTCQB market. Management fees and operational details of the fund are expected to be disclosed in subsequent filings with the SEC. Another notable aspect is the inclusion of the possibility of staking in the filing. Grayscale stated that, subject to regulatory approval, NEAR tokens held in the fund could be staked through trusted third-party staking providers. This approach has reignited discussions about whether spot ETFs could expand beyond price tracking and open the door to on-chain yield models. The fund's operational structure also includes major institutional names. CSC Delaware Trust Company serves as the trustee, while Bank of New York Mellon acts as the transfer agent and administrative services provider. Continental Stock Transfer & Trust Company serves as the joint transfer agent. Coinbase will act as the prime broker, and custody services will be provided by Coinbase Custody Trust Company LLC. The ETF will track the spot NEAR price using a reference index created by CoinDesk. This move by Grayscale is a continuation of a long-standing strategy the company has employed: typically launching its products as private trusts, then enabling their listing on OTC markets, and finally applying to the SEC for ETF conversion. The conversion of Digital Large Cap Fund, Chainlink Trust, and XRP Trust products into ETFs in 2025 was among the latest examples of this approach. The recent establishment of new trusts focused on Binance Coin and Hyperliquid in Delaware also indicates that new ETF applications may be on the way.
Bloomberg ETF analyst James Seyffart, in his assessment of the development, emphasized that crypto ETP applications continue to arrive at the SEC's desk. For market participants, this intensity strengthens the expectation that altcoin ETFs may become more visible in the medium term.
NEAR Rises After S-1 Filing with SEC
On the price side, NEAR Protocol showed a remarkable reaction. The token is trading at $1.54, with a rise of over 3% in the last few hours. While the intraday trading range is in the $1.50-$1.60 band, the 24-hour trading volume has increased by 22%. Activity is also noticeable in the futures market. According to CoinGlass data, open interest increased by approximately 2% in a short period, reaching $229 million; similar increases were observed in open interest on Binance, OKX, and Bybit.
However, NEAR's performance over a broader timeframe remains weak. The token has lost approximately 92% of its value since its peak above $20 in early 2022. The net asset value of the Grayscale NEAR Trust has also decreased by 45% since September, falling to $2.19. While the ETF application may have a positive psychological impact on the price in the short term, a long-term recovery seems likely to depend on broader market conditions.
