Grayscale’s Latest Move: Converting NEAR Protocol Trust to an ETF
Crypto asset manager Grayscale has taken a significant step by filing with the US Securities and Exchange Commission to convert its NEAR Protocol Trust into an exchange-traded fund (ETF). This move is part of Grayscale’s established pattern of launching products as private trusts, moving them to OTC markets, and eventually converting them to exchange-traded products. The company has filed a preliminary prospectus for the Grayscale NEAR Trust, a security that offers shares representing fractional ownership in NEAR Protocol tokens (NEAR).
The intention is to list the ETF on the New York Stock Exchange Arca, following the conversion of the existing trust. This development comes after Grayscale converted its crypto asset basket Digital Large Cap Fund, its Chainlink (LINK) Trust, and its XRP (XRP) Trust into ETFs in 2025. Additionally, the company has formed new Delaware statutory trusts tied to potential products linked to Binance Coin (BNB) and Hyperliquid (HYPE). According to Bloomberg ETF specialist James Seyffart, “Crypto ETP filings continue to come across the SEC’s desk,” indicating a growing interest in cryptocurrency-based exchange-traded products.
NEAR Trust Performance
The NEAR Trust began trading under the symbol GSNR on OTCQB, a leading secondary US market operated by OTC Markets Group Inc., in September. Currently, it has $900,000 in assets under management, with a net asset value per share of $2.19, which is down 45% from when it started trading. This decline is largely attributed to the downturn in altcoin markets over the past four months. NEAR Trust NAV per share has tanked 45% since September. Source: Grayscale
NEAR Token Price Slump
NEAR Protocol is a high-performance, AI-native platform designed for the next generation of decentralized applications and AI agents. NEAR token prices reached an all-time high of just over $20 in January 2022 during the AI boom. However, they have since tanked 92% to currently trade at $1.54, as the altcoin season has bypassed the current market cycle and AI fever has faded.
Conclusion and Further Reading
Grayscale’s move to convert its NEAR Protocol Trust to an ETF reflects the growing interest in cryptocurrency-based investment products. For more information on this development and its implications, readers can refer to the original article Here.
Smart Tip for Readers
When considering investing in cryptocurrency-based ETFs, it’s essential to conduct thorough research and understand the underlying assets, market trends, and regulatory environment to make informed decisions. Always verify information through reputable sources to ensure accuracy and reliability.
