Grayscale Files S‑1 to Convert NEAR Trust into Spot NEAR ETF on NYSE Arca
Grayscale Investments filed a Form S‑1 (dated Jan 20, 2026) with the U.S. SEC to convert its existing NEAR Protocol Trust into a spot NEAR ETF to be renamed Grayscale Near Trust ETF and, if approved, listed on NYSE Arca under ticker GSNR. The filing moves the product from OTCQB to a national securities exchange and names key service providers: CSC Delaware Trust Company (trustee), BNY Mellon (administrator and transfer agent), Continental Stock Transfer and Trust Company (co‑transfer agent), Coinbase (prime broker) and Coinbase Custody Trust Company (custodian). The ETF would track NEAR spot prices using the CoinDesk NEAR CCIXber Reference Rate and may allow staking via vetted third‑party providers, with staking arrangements and fee details to be disclosed in later filings. After the filing, NEAR experienced a short intraday price rebound (roughly $1.44 → $1.80) and a surge in spot volume (~$316M 24h); open interest in NEAR futures also rose, though the token remains below its 50‑ and 200‑day moving averages and is down year‑on‑year. The conversion is part of a broader trend of legacy crypto trusts being repurposed as regulated spot ETFs (other issuers have filed or are exploring altcoin ETFs), reflecting a more permissive U.S. regulatory backdrop. For traders, ETF approval could attract institutional and retail inflows, improve liquidity, and create new regulated demand for NEAR; a staking‑enabled ETF design could also introduce yield dynamics uncommon in traditional spot ETFs. However, existing technical resistance and macro risks may limit near‑term upside despite increased derivatives activity.
Bullish
The filing increases the probability of regulated, exchange‑listed demand for NEAR. Historical precedent (spot BTC ETFs) shows conversions from trusts to ETFs can unlock sizable institutional and retail inflows, improving liquidity and supporting price discovery. Immediate market reactions — intraday price bounce, higher spot volume and rising futures open interest — indicate renewed trader and institutional attention. The optional staking clause is notable: if implemented, it could add yield to a spot ETF, making GSNR attractive to yield‑seeking allocators and potentially providing an additional tailwind for NEAR’s price over time. Offsetting factors include NEAR’s placement below key moving averages, broader macro risk, and the approval timeline and regulatory uncertainty; these limit near‑term upside and could produce volatility around approval milestones. Overall, approval (or strong signs of approval) would be bullish for NEAR by broadening demand and liquidity, while rejection or long delays would mute the positive effect.