Grayscale Files S-1 With SEC to Convert Near Trust Into ETF

• NEAR price correction is poised for 13% drop before retesting the bottom trendline of a falling channel pattern.
• Grayscale Investments initiated steps to convert its Near Trust into an exchange-traded fund.
• According to Coinglass data, the long position traders witnessed a liquidation of $2.68 million, increasing the selling orders in the market.

NEAR, the native token of the NEAR Protocol blockchain, recorded a sudden drop of 5.76% during Tuesday’s U.S. market hours to trade at $1.53. The selling pressure resonates with broader market correction as the Bitcoin price dropped below $90,000 amid geopolitical tension. However, the NEAR price shows potential for rebound with close support and Grayscale’s move to convert NEAR trust product into an ETF.

Grayscale’s NEAR Trust Eyes ETF Conversion

Over the past week, the Near Protocol coin witnessed a sudden notable pullback from $1.87 to $1.5, registering a loss of 20%. In addition, the asset market capitalization plunged to $1.98 billion.

The downturn aligns with renewed correction in broader market correction as Trump’s tariff threats on EU triggered risk-off sentiment among investors.

Along with price correction, the open interest associated with NEAR’s futures contract witnessed a sudden dip to $225 million. The downtick indicates that traders are getting forced to liquidate or exiting their existing leveraged position from the market, reducing the speculative force in the market.

Grayscale Investments has made a formal step towards turning its successful existing Near Trust into an exchange-traded fund. On January 20, 2026, the company filed an S-1 registration statement with the US Securities and Exchange Commission. This filing aims to gain approval to change the trust, which holds NEA tokens, from its current status as an over-the-counter trading trust to a listed ETF structure.

The shares of the trust are now traded on the OTCQB marketplace under the ticker symbol GSNR. Pending SEC clearance and completion of the listing requirements, Grayscale’s intention is to take these shares to the NYSE Arca exchange. At that point, the name change of the product will be Grayscale Near Trust ETF.

This move is in accordance with the original setting up of the trust as a vehicle whereby investors can access NEAR exposure without directly having to deal with the cryptocurrency’s storage and security issues. Details about management fees for the proposed ETF, and about the specific timeline for its implementation, have not yet been specified.

This Support Could Defend NEAR Price From $1 Breakdown

The daily chart analysis of NEAR price shows a v-top reversal at $1.87 resistance. The bearish turnaround indicates intact supply pressure at overhead resistance, signaling the risk of continued correction ahead.

The downsloping slope in daily exponential moving averages (20, 50, 100, and 200) supports the same narrative and highlights bearish market sentiment.

Currently trading at $1.53, the NEAR price faces a risk of 13.35% downswing and rest long coming support at $1.3. 

The support trendline acts as the base support for a long falling channel pattern in the daily chart. Since February 2025, the coin price has strictly resonated within the two parallel trendlines, offering a shallow yet steady downtrend. If the bottom trendline holds, the buyers could recuperate the bullish momentum for a price reversal. However, a change trend is only possible if price breaks above the pattern’s resistance trendline.

On the contrary note, if the NEAR price breaks below the bottom trendline with a daily candle closing, the sellers can strengthen their grip over this asset for a prolonged correction.

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