- Grayscale filed with the SEC to convert its NEAR trust into a spot ETF during a wider crypto market decline phase.
- The NEAR price rose over 3% as volume and futures interest increased despite prices staying below key averages.
- The proposed ETF plans staking options and uses major custodians to track NEAR spot prices on regulated exchanges.
Grayscale Investments has filed a registration statement with the US Securities and Exchange Commission to convert its Grayscale Near Trust into a spot exchange-traded fund.
The filing arrived on January 20 and targets a structural shift for the existing product. Notably, the move comes during a broader crypto market downturn. However, the NEAR token showed resilience after the disclosure.
SEC Filing Details and Proposed Structure
The Form S-1 outlines plans to rename the product as the Grayscale Near Trust ETF. Moreover, Grayscale intends to list the shares on NYSE Arca under the ticker GSNR. Currently, the trust trades on the OTCQB market. If approved, the ETF would migrate to a national securities exchange.
Additionally, Grayscale stated it will disclose fees and related terms in subsequent filings. The registration also includes provisions that allow for staking considerations. If conditions allow, the trust may stake NEAR tokens through vetted third-party providers. This structure mirrors approaches seen in other digital asset products under review.
The trust’s operational framework relies on established financial intermediaries. CSC Delaware Trust Company will act as trustee. Meanwhile, The Bank of New York Mellon will serve as administrator and transfer agent. Continental Stock Transfer and Trust Company will operate as co-transfer agents.
Custody, Brokerage, and Pricing Reference
Coinbase will serve as the prime broker for the ETF. In addition, Coinbase Custody Trust Company will act as custodian. This setup aligns with custody arrangements used in several crypto-linked investment products.
The ETF aims to track the spot price of NEAR Protocol using the CoinDesk NEAR CCIXber Reference Rate. CoinDesk provides the benchmark, which aggregates market data to reflect spot pricing conditions. Therefore, the ETF structure centers on direct market exposure rather than futures-based instruments.
Analysts have noted a steady flow of digital asset filings reaching regulators. Grayscale has also registered trusts in Delaware for potential BNB and Hyperliquid ETFs. Consequently, the NEAR filing adds to a widening pipeline of spot-focused products.
NEAR Market Reaction and Trading Activity
Following the filing, NEAR Protocol recorded a short-term price rebound. The token rose more than 3% during intraday trading. This move helped offset losses seen during the broader market pullback.
At the time of reporting, NEAR traded near $1.54. The session recorded a low near $1.50 and a high close to $1.60. Meanwhile, 24-hour trading volume increased by roughly 22%. The rise suggests renewed interest among spot market participants.
Despite the bounce, NEAR remains below its 50-day and 200-day moving averages. This positioning reflects ongoing technical pressure. However, derivatives data shows improving sentiment. CoinGlass data indicates increased buying activity in recent hours.
Open interest in NEAR futures rose nearly 2% within four hours, reaching about $229 million. Major exchanges including Binance, OKX, and Bybit reported gains exceeding 2%. As a result, traders are appearing to position cautiously amid regulatory developments and market volatility.
