Grayscale files to convert NEAR Trust to Spot ETF

The proposed ETF would hold NEAR directly, with the goal of reducing premiums and discounts in the current trust.

Grayscale has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its existing Grayscale Near Trust into a spot NEAR exchange-traded fund (ETF) listed on the NYSE Arca.

This move is the latest in an ongoing effort by major asset managers to expand the crypto ETF market beyond flagship assets like Bitcoin (BTC) and Ethereum (ETH) to a broader range of altcoins.

Details of the proposed ETF conversion

The declaration, first marked on

The product is currently traded over the counter and was launched in May 2024 as a private vehicle before opening to public trading in September 2025.

Under the proposal, the trust would be renamed Grayscale Near Trust ETF and operate as a passive product that directly holds NEAR tokens. Shares would be created and redeemed in blocks of 10,000 through authorized participants, using an in-kind and cash mechanism designed to keep prices closer to intrinsic value.

The trust currently has an expense ratio of 2.50%, while ETF fees have yet to be announced. Data from the Grayscale website shows that the product managed approximately $900,000 in assets as of January 21, with shares trading at around $2.85 and reported NAV around $2.19. Grayscale has acknowledged that the trust has often traded at significant premiums or discounts, a problem the ETF format aims to reduce.

The prospectus too contours optional strike, although it remains inactive. Staking would not begin until specific regulatory and tax conditions are met, and Grayscale retains discretion as to whether or not to pursue this.

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Looking at the market, the ETF filing has failed to trigger an immediate price response, suggesting traders may want to be cautious about timing and approval odds. At the time of filing, NEAR was trading around $1.53, reflecting a decline of 69% year-over-year and a decline of approximately 17% over the past week.

This price context is relevant to the proposed ETF because its value will be directly tied to NEAR’s often volatile spot price.

Grayscale’s move is part of a broader trend of asset managers seeking regulatory approval for altcoin-focused ETFs. In late December 2025, competitor Bitwise filed for 11 single-asset crypto ETFs focused on tokens, including Aave (AAVE), Uniswap (UNI), and Sui (SUI).

This filing, which also included NEAR as one of the targets, was noted by ETF analyst Eric Balchunas as evidence that issuers are racing for a first mover advantage. Furthermore, the success of the recent Ethereum and Solana ETFs, which saw record volumes in early January 2026, likely encouraged this wave of new registrations.