Grayscale Files SEC Application to Convert NEAR Protocol Trust into ETF

TLDR

• Grayscale filed with the SEC on Tuesday to convert its NEAR Protocol Trust into an ETF that would list on NYSE Arca under ticker GSNR
• The NEAR Trust currently has $900,000 in assets under management and trades on OTCQB market
• NEAR token price jumped 3% following the filing news, currently trading at $1.54
• The filing includes language about potential staking arrangements with vetted third-party providers
• Grayscale has converted multiple trusts to ETFs in 2025, including Digital Large Cap Fund, Chainlink Trust, and XRP Trust

Grayscale Investments submitted a preliminary prospectus to the US Securities and Exchange Commission on Tuesday for its NEAR Protocol Trust. The filing seeks to convert the existing trust into an exchange-traded fund.

The new ETF would list on the New York Stock Exchange Arca under the ticker GSNR. The trust currently trades on the OTCQB market, a secondary US market operated by OTC Markets Group Inc.

The NEAR Trust holds $900,000 in assets under management. It began trading on OTCQB in September under the symbol GSNR.

The net asset value per share stands at $2.19, down 45% from its initial trading price. This decline mirrors the broader altcoin market downturn over the past four months.

Coinbase Inc will serve as the prime broker for the ETF. Coinbase Custody Trust Company LLC will act as the custodian of the trust assets.

The Bank of New York Mellon has been named as the transfer agent and administrator. Continental Stock Transfer & Trust Company will serve as co-transfer agent.

Staking and Tracking Details

The filing includes provisions for potential staking of NEAR tokens. Grayscale stated it would enter into written arrangements with the custodian to stake tokens with vetted third-party staking providers if conditions are met.

The ETF will track the spot NEAR protocol price using the CoinDesk NEAR CCIXber Reference Rate. Grayscale plans to announce fees and other details in future SEC filings.

CSC Delaware Trust Company has been designated as the trustee of the trust. The filing follows Grayscale’s established business model of launching products as private trusts before converting them to exchange-traded products.

Recent Grayscale ETF Activity

Grayscale has converted multiple trusts into ETFs during 2025. The company transformed its Digital Large Cap Fund, Chainlink Trust, and XRP Trust into exchange-traded funds.

Earlier this month, Grayscale formed new Delaware statutory trusts for potential products linked to Binance Coin and Hyperliquid. Bloomberg ETF specialist James Seyffart commented that crypto ETP filings continue to reach the SEC’s desk.

NEAR Protocol is a high-performance platform designed for decentralized applications and AI agents. The token reached an all-time high above $20 in January 2022.

Market Response

NEAR token prices increased 3% following the filing announcement. The price currently trades at $1.54, with a 24-hour range between $1.50 and $1.60.

Trading volume rose 22% over the past 24 hours. CoinGlass data showed futures open interest climbed nearly 2% to $229 million in the last four hours.

Futures open interest on Binance, OKX, and Bybit increased more than 2%. The token has declined 92% from its 2022 peak price.

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