Grayscale Investments has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert the Grayscale Near Trust into an exchange-traded fund (ETF). The move signifies a major step towards expanding access to digital assets for investors and aligns with the SEC's evolving stance on crypto ETFs.
If the registration is approved, Grayscale plans to list the shares on the NYSE Arca under the ticker symbol GSNR, transitioning from its current trading on the OTCQB market. Following the completion of this process, the trust will be renamed Grayscale Near Trust ETF. Currently, the trust operates on the OTCQB with a 2.50% expense ratio. The transition to NYSE Arca aims to enhance liquidity and transparency for investors.
The Near Network facilitates the exchange of NEAR tokens through a decentralized network. These transactions are recorded on a public blockchain. Grayscale's Near Trust offers investors exposure to the NEAR token, which underlies the NEAR platform, in the form of a security. This allows investors to bypass the complexities associated with directly buying, storing, and safekeeping NEAR.
Grayscale's application aligns with the SEC's recent shift towards more standardized listing criteria for crypto ETFs, which began in Q4 2025. These standards aim to streamline approval processes while addressing concerns related to investor protection and market integrity. Grayscale has leveraged institutional-grade custody solutions through Coinbase to meet regulatory expectations.
The proposed ETF structure contrasts with the decentralized nature of blockchain, highlighting the existing tensions between regulatory frameworks and technological innovation. However, the approval of this ETF could standardize crypto ETF approvals, potentially accelerating institutional access to altcoins like NEAR and SOL.
As of January 16, 2026, the Grayscale Near Trust has $1,008,829 in assets under management. The net asset value (NAV) per share is $2.45, with 411,500 shares outstanding. The market price per share is $3.19. Each share represents 1.43926931 NEAR.
The conversion of the Grayscale Near Trust into an ETF reflects a broader trend of institutional adoption of digital assets. Grayscale's strategy also anticipates the potential passage of bipartisan crypto market structure legislation in 2026, which could further integrate blockchain assets with traditional financial infrastructure. By offering exposure to NEAR – a platform focused on decentralized applications and Web3 infrastructure – Grayscale is catering to investors seeking diversified crypto portfolios.
The recent approval by NYSE Arca to list shares of the Grayscale Chainlink Trust ETF further demonstrates the exchange's growing acceptance of crypto-related investment products.
