Grayscale amends NEAR spot ETF filing: BitGo as primary custodian, staking language updated
Grayscale Investments has filed an amended S-1 for its proposed spot NEAR ETF, adding SEC Registration No. 333-292834 and updating compliance disclosures. A key change is the custody structure: BitGo Bank & Trust N.A. replaces Coinbase Custody Trust Company as the primary custodian, while Coinbase remains an additional custodian.
The filing also clarifies staking exposure. Grayscale states the trust, sponsor, and custodians do not currently stake NEAR, and the fund may only provide staking-related exposure if U.S. law permits it.
Grayscale updated NEAR network metrics: circulating supply is reported at about 1.3 billion NEAR tokens (as of March 31, 2026), market capitalization around $1.5 billion, and NEAR’s ranking slipping from 39th to 43rd during the covered period.
The amendment comes as AI-linked crypto narratives regain attention in the broader market, with traders pointing to SpaceX’s public market debut and NEAR’s push for decentralized AI infrastructure and autonomous-agent tooling.
Next step: the updated registration statement awaits further U.S. regulatory review.
Neutral
This is a regulatory-process update, not an approval or rejection. An amended NEAR ETF filing suggests Grayscale is continuing to build a path toward a spot product, which can be mildly constructive for NEAR sentiment—especially for traders focused on ETF-related catalysts. However, custody and disclosure tweaks (BitGo replacing Coinbase Custody as primary custodian, and tighter staking language tied to U.S. law) do not directly change NEAR’s token fundamentals.
Historically, ETF filing amendments often lead to short-lived optimism in the underlying asset, but the market typically re-prices only after concrete milestones (SEC acceptance, approval/denial, or major procedural deadlines). In the short term, traders may react to the “ETF momentum” narrative and AI-ecosystem attention, supporting liquidity and volatility around NEAR.
Over the long term, the staking language is an important constraint: if staking-based yield is a key driver of investor demand, regulatory limits could cap the attractiveness of the product versus alternatives. Overall, this keeps the impact balanced: supportive sentiment for NEAR ETF hopes, but no immediate, definitive market-stability signal without further regulatory outcomes.