At a Glance
- Grayscale wants to convert its $900k Near Trust into a NYSE-listed spot ETF
- The trust, launched May 2024, often trades at large premiums/discounts
- NEAR has fallen 69% in a year; ETF hopes to narrow price gaps
- Why it matters: A successful conversion could open the door for more altcoin ETFs beyond Bitcoin and Ethereum
Grayscale has formally asked U.S. regulators to transform its small Near Trust into a spot exchange-traded fund, marking the asset manager’s latest attempt to broaden crypto ETF access beyond the two largest digital assets.
The filing, submitted to the Securities and Exchange Commission on January 20 and first spotlighted on X by ETF Hearsay analyst Henry Jim, seeks to uplist the product under ticker GSNR on NYSE Arca. If approved, the vehicle would hold NEAR tokens directly and create or redeem shares in 10,000-share blocks through authorized participants, using both cash and in-kind transfers designed to keep market price tight to net asset value.
Trust Background and Current Metrics
The Grayscale Near Trust began as a private placement in May 2024 and opened to public over-the-counter trading in September 2025. It currently manages roughly $900,000 in assets, with shares changing hands near $2.85 while the reported NAV sits around $2.19-a gap Grayscale admits has swung between sizable premiums and discounts.
Expense ratio stands at 2.50% for the trust; the ETF fee has yet to be disclosed.
Optional Staking, No Timeline
The prospectus keeps the door open for staking, though the feature is inactive. Grayscale would only enable staking if regulatory and tax conditions are met, and the firm retains full discretion over whether to pursue it.
NEAR Price Unmoved
The ETF news has not sparked an immediate price reaction. NEAR traded near $1.53 when the filing surfaced, down 17% in the past week and 69% lower over the previous year. Because the proposed ETF would hold NEAR directly, its share price would mirror the token’s often-volatile spot market.
Broader Altcoin ETF Rush
Grayscale’s move mirrors a wider industry sprint toward single-asset altcoin ETFs. Bitwise filed in late December 2025 for 11 such products, including vehicles for AAVE, UNI, SUI and NEAR. Bloomberg ETF analyst Eric Balchunas called the wave evidence of issuers chasing first-mover advantage.
Record early-year trading volumes for newly launched Ethereum and Solana ETFs in January 2026 have added momentum to the trend.
*Key Takeaways*
- Grayscale’s S-1 filing targets conversion of its micro-size Near Trust into a spot ETF
- The vehicle’s chronic premium/discount problem is the key pain point the ETF structure hopes to solve
- Regulatory approval timing remains uncertain; NEAR price shows trader caution
- A green light could accelerate filings for additional altcoin ETFs beyond BTC and ETH
