Key Highlights
- Grayscale filed an S-1 with the SEC to convert its Near Trust into a spot ETF under the ticker GSNR.
- NEAR Protocol price jumped over 3%, with trading volume spiking over 20% after the filing.
- The ETF may include staking arrangements and will track spot NEAR via the CoinDesk NEAR CCIXber Reference Rate.
Grayscale Investments, one of the largest digital asset managers in the crypto industry, has filed a Form S‑1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its existing Grayscale Near Trust into a spot exchange‑traded fund (ETF).
The filing was submitted on January 20, 2026, marking an important step in Grayscale’s strategy to broaden its ETF product lineup amid ongoing regulatory scrutiny and volatility in the broader crypto market.
Proposed ETF to list on NYSE arca under GSNR ticker
If approved by the SEC, the revamped fund, expected to be renamed the Grayscale Near Trust ETF, will seek to list its shares on the NYSE Arca under the ticker GSNR, moving from the current OTCQB trading venue. Additionally, Grayscale has also included language around a potential staking program for NEAR tokens held by the trust.
The asset manager also plans to disclose fees, staking arrangements, and additional operational details in forthcoming SEC filings. It noted that, should certain conditions be met, the sponsor anticipates entering into written arrangements with third‑party staking providers through the custodian.
The trust’s key service providers include CSC Delaware Trust Company as trustee, The Bank of New York Mellon as transfer agent and administrator, and Coinbase Custody Trust Company LLC as custodian, with Coinbase Inc. also serving as prime broker.
The proposed ETF is intended to track the spot price of NEAR Protocol using CoinDesk NEAR CCIXber Reference Rate.
Market reaction and price movement
Following the S‑1 filing, NEAR Protocol’s price rebounded more than 3% in the first few hours, reducing losses while the broader crypto market experienced downward pressure.
At the time of writing, NEAR was trading around $1.54, having swung between a 24‑hour low of $1.50 and a high near $1.60. Its trading volume has gone up by about 17%, indicating increased interest among traders.
In spite of this increase, NEAR is still lower than the 50-day and 200-day moving averages, which means that the technical sentiment is still bearish.
Data from CoinGlass also showed a rise in futures activity, with total open interest for NEAR futures climbing about 2% to $229 million in recent hours. Open interest increases were notably visible on major derivatives exchanges such as Binance, OKX, and Bybit.
Context and broader ETF trends
The NEAR ETF filing by Grayscale is part of a larger initiative by the company to increase its regulated ETFs. Recently, Grayscale also registered statutory trusts in Delaware for potential BNB and Hyperliquid (HYPE) ETF products, an early procedural move before federal‑level SEC approval.
The NEAR ETF filing indicates long-term institutional interest in regulated crypto investment vehicles. Industry analysts, including Bloomberg ETF expert James Seyffart, have noted that “Crypto ETP filings continue to come across the SEC’s desk,” signaling continued issuer interest despite regulatory hurdles and recent weak liquidity in existing crypto ETF products.
Also Read: ETF Liquidity Remains Weak as Crypto Markets Undergo Selling Pressure
