Grayscale to Convert NEAR Trust into a Spot ETF
Grayscale, one of the leading cryptocurrency asset managers, has recently filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). Their goal? To convert the existing Grayscale NEAR Trust into a spot NEAR exchange-traded fund (ETF). Pending approval, the ETF will begin trading on NYSE Arca under the ticker GSNR, marking a key milestone in the expansion of altcoin-focused crypto ETFs.
What is the Grayscale NEAR Trust?
Launched as a private investment vehicle in May 2024 and opened to public trading in September 2025, the Grayscale NEAR Trust attracts investors interested in NEAR Protocol’s native token, NEAR. Currently managing approximately $900,000 in assets, its shares are trading at $2.85 with a net asset value (NAV) of $2.19. However, fluctuations in premiums and discounts have impacted the trust’s performance—something this ETF conversion may address.
How Will the ETF Work?
Once transitioned, the ETF will function as a passive investment vehicle holding NEAR tokens directly. Shares will be created and redeemed in blocks of 10,000, employing both cash and in-kind mechanisms to ensure the ETF’s value closely tracks the spot price of NEAR tokens. Additionally, while the trust currently has a 2.50% expense ratio, the final ETF fee structure is yet to be confirmed.
Why This Matters to Investors
This move aligns with a broader trend in the investment space—beyond just Bitcoin (BTC) and Ethereum (ETH)—where asset managers are expanding ETF offerings to include altcoins. By providing a regulated, secure path to invest in cryptocurrencies like NEAR, Grayscale meets market demand for more diverse crypto products. Investors wary of managing digital assets directly may find ETFs a safer and more accessible alternative.
Market Response to the Proposal
The filing did not elicit an immediate market reaction, illustrating investor caution around regulatory uncertainties. NEAR tokens, for instance, have faced significant volatility, trading around $1.53 as of January 21, 2026—down 69% over the past year.
A Competitive Landscape in Crypto ETFs
Grayscale’s filing comes on the heels of other industry players launching similar products. Bitwise, for example, recently filed for 11 single-asset crypto ETFs targeting altcoins such as Aave (AAVE), Uniswap (UNI), and Sui (SUI). Successes like the Ethereum and Solana ETFs launched in early January 2026 provide further impetus for these efforts, showcasing the growing appetite for diverse crypto-based investment vehicles.
Ready to Invest in Crypto ETFs?
If you’re interested in exploring crypto investments, staying updated on regulatory developments and diversified options such as ETFs is crucial. For direct exposure to assets like NEAR Protocol’s token, you can consider platforms like Coinbase, which supports beginner-friendly crypto purchases.
As the market evolves, the conversion of the Grayscale NEAR Trust to an ETF signals a new era in altcoin accessibility within traditional finance.
