On Tuesday, Grayscale filed a preliminary prospectus with the SEC to convert its NEAR Protocol Trust into an ETF to list on the New York Stock Exchange Arca. The company says the move will shift the product from a private trust to an exchange-listed fund.
Grayscale has followed a pattern of launching private trusts, listing them OTC, then converting to ETFs. In 2025 it converted its Digital Large Cap Fund, Chainlink (LINK) Trust, and XRP Trust into ETFs.
Earlier this month Grayscale formed Delaware statutory trusts tied to potential products linked to Binance Coin (BNB) and Hyperliquid (HYPE). The NEAR Trust has traded under the symbol GSNR on the OTCQB since September.
The trust currently holds about $900,000 in assets under management and shows a net asset value per share of $2.19, down roughly 45% since it began trading (Ed. note: NAV fell 45% since September.). According to the fund page, market weakness among altcoins drove the decline.
NEAR token prices peaked near $20 in January 2022 and now trade around $1.5, a drop of about 92% over two years. “Crypto ETP filings continue to come across the SEC’s desk,” observed Bloomberg ETF specialist James Seyffart.
