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Grayscale

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Digital asset manager Grayscale Investments has taken another step in expanding regulated crypto investment products after filing a Form S-1 registration statement with the U.S. Securities and Exchange Commission to convert its existing Grayscale Near Trust into a spot exchange-traded fund (ETF).
The <a href="https://www.sec.gov/Archives/edgar/data/2025000/000119312526016785/gsnr-20260120.htm" target="_blank" rel="noopener noreferrer nofollow">filing</a> marks the first formal move toward listing a spot ETF backed by NEAR Protocol’s native token, NEAR. If approved, the product would transition from its current over-the-counter trust structure into an exchange-listed ETF, offering investors regulated exposure to NEAR’s spot price through traditional brokerage accounts.
According to the registration statement, the proposed ETF would hold NEAR tokens directly and track their market value, less fees and expenses.&nbsp;
The conversion would align the Near Trust with the structure of other spot crypto ETFs, providing daily creation and redemption mechanisms that could help reduce premiums or discounts to net asset value that often affect trust-based products.
Grayscale has been steadily broadening its ETF ambitions following regulatory momentum in the United States.&nbsp;
After successfully converting its flagship Bitcoin Trust into a spot Bitcoin ETF, the firm has filed or explored similar transitions for several single-asset and diversified crypto products. The Near Trust filing underscores Grayscale’s view that investor demand for regulated access is extending beyond Bitcoin and Ethereum to alternative layer-1 blockchains.
The move comes as competition intensifies among asset managers seeking to be first to market with spot ETFs tied to emerging crypto assets.&nbsp;
Industry analysts say approval of a NEAR ETF could open the door for additional filings linked to other smart-contract platforms, depending on how regulators assess market maturity, liquidity, and custody standards.
As with all S-1 filings, submission does not guarantee approval. The SEC must review the registration statement and related exchange rule-change proposals before the ETF can begin trading.&nbsp;
The regulator has historically taken a cautious approach to spot crypto products, though recent approvals suggest a gradual shift toward broader acceptance.
If approved, <a href="https://hash.media/hashdesk/grayscale-seeks-spot-avax-etf-with-staking-in-sec-filing/" target="_blank" rel="noopener noreferrer nofollow">Grayscale’s</a> Near ETF would represent another milestone in the integration of digital assets into mainstream financial markets, offering institutional and retail investors a new pathway to gain exposure to the evolving blockchain ecosystem.
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Grayscale seeks SEC approval to launch Spot NEAR ETF

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