Grayscale Files to Convert Near Trust to Spot ETF

Grayscale Investments has filed a registration statement with the U.S. Securities and Exchange Commission to convert its existing Grayscale Near Trust into a spot exchange-traded fund, aiming to provide investors with direct exposure to the NEAR Protocol's native token through traditional brokerage accounts. The filing, submitted on January 20, 2026, seeks to list the proposed Grayscale Near Trust ETF on the NYSE Arca exchange under the ticker symbol GSNR.

The Grayscale Near Trust, launched in November 2021 and currently trading on the OTCQB market, holds approximately 900,000 in assets under management with a net asset value of 2.19 per share. This represents a 45 percent decline from its initial trading price in September, reflecting broader weakness in altcoin markets over the past four months. Upon approval, the ETF would track the spot price of NEAR using the CoinDesk NEAR CCIX Digital Asset Reference Rate, without employing leverage, derivatives, or strategies to outperform the token. Shares would be issued and redeemed in blocks of 10,000, either in-kind with NEAR tokens or through cash transactions facilitated by authorized participants.