#Grayscale Files To Convert NEAR Trust to ETF


Grayscale Investments filed with the Securities and Exchange Commission Tuesday to transform its existing NEAR Protocol Trust into an exchange-traded fund. The Form S-1 submission seeks NYSE Arca listing under ticker GSNR, representing the second U.S. application for a spot $NEAR product.


The trust was established in November 2021 as a Delaware statutory vehicle to hold $NEAR tokens and provide investor exposure through publicly traded shares. Grayscale intends to rebrand the product as Grayscale Near Trust ETF following regulatory approval, moving from over-the-counter trading to exchange listing. This follows the firm's standard approach of launching private trusts before pursuing #ETF conversions.


#Assets under management total approximately $900,000 currently. The company's website acknowledges the product has fallen short of its investment objective, with shares experiencing significant premiums and discounts to net asset value. Per-share NAV reached $2.19, representing a 45% decline since September when OTCQB #trading commenced.


The filing addresses staking arrangements, which have drawn regulatory scrutiny in recent crypto ETF proposals. Trust documents allow staking only under specific conditions, which remain unmet as of Tuesday. Current rules prohibit the trust from staking $NEAR holdings. Future staking would employ third-party validators while Grayscale retains #token ownership and collects rewards exclusively in NEAR.

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January 21, 2026 at 7:10 PM
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