Grayscale Seeks SEC Approval to Convert NEAR Trust Into Spot ETF

Highlights:

• Grayscale wants to turn Near Trust into a simple spot ETF for investors.
• Coinbase will hold NEAR tokens, and BNY Mellon will handle all transfers.
• Staking could start later using a validator, with all rewards paid exclusively in NEAR.

Grayscale Investments has taken another step in its digital asset strategy by filing a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to convert its Near-linked closed-end trust into a spot exchange-traded fund. The filing was submitted on Tuesday.

The Grayscale Near Trust was created in November 2021 as a Delaware statutory trust. It was designed to hold the native cryptocurrency of the Near Network and give investors exposure through publicly quoted shares instead of direct ownership. The firm plans to rename it the Grayscale Near Trust ETF. 

If approved, the product will move from over-the-counter trading to NYSE Arca. According to Grayscale’s website, the trust currently manages about $900,000 in assets. The company also admits the product “has not met its investment objective” and shares have traded at premiums and discounts to net asset value.

The prospectus addresses staking, a feature that has drawn scrutiny in recent crypto ETF filings. The trust agreement allows staking only if certain conditions are met. As of the filing date, those conditions remain unsatisfied, leaving the trust prohibited from staking its NEAR holdings.

Grayscale chose Coinbase Custody Trust Company to hold NEAR tokens. Coinbase will act as the prime broker. The Bank of New York Mellon will handle administration and transfers. Grayscale said the fund will not use leverage, derivatives, or other complex financial tools.

Crypto ETP filings continue to come across the SEC's desk. https://t.co/wJhFQcGMtM

— James Seyffart (@JSeyff) January 20, 2026

Grayscale explained that if staking is enabled later, the trust would use a “Provider-Facilitated Staking” model. A third-party validator would be involved, while the trust would keep ownership of the tokens and receive staking rewards solely in NEAR.

This filing marks the second active application for a spot NEAR ETF in the United States. Asset manager Bitwise submitted a similar S-1 registration last May for a product aimed at giving investors exposure to NEAR through a traditional brokerage account.

Bitwise has filed a Form S-1 with the U.S. SEC to launch the Bitwise NEAR ETF, which will track the value of NEAR held by the trust, net of operating expenses and liabilities. https://t.co/dUCKFpx5i7

— Wu Blockchain (@WuBlockchain) May 6, 2025

In December last year, Bitwise filed applications for 11 new “strategy” ETFs. Those proposals covered assets such as Aave, Ethena, Hyperliquid, Canton, NEAR, Starknet, Sui, Bittensor, Tron, Uniswap, and Zcash. The filings highlight the rapid expansion of crypto-linked investment vehicles.

NEAR Token Drops Amid Market Downturn

Despite the growing number of applications, the announcement did not lift NEAR’s market price. CoinMarketCap data shows the token fell 1.42% in the past 24 hours, reflecting a broader downturn across digital assets. At the time of writing, NEAR traded at $1.52.

The push for NEAR-specific products is part of a broader wave of crypto ETF applications. Interest has grown under what many see as a pro-crypto regulatory environment during President Trump’s administration. Issuers have moved beyond Bitcoin and Ethereum to include single-asset and multi-asset funds.

The SEC's "Listing Standards" for crypto ETPs is out via new exchange filing. BOTTOM LINE: Any coin that has futures tracking it for >6mo on Coinbase's derivatives exchange would be approved (below is list). It's about a dozen of the usual suspects, the same ones we had at 85% or… https://t.co/QlzZnta7Yv pic.twitter.com/CmBr8XxAcM

— Eric Balchunas (@EricBalchunas) July 30, 2025