Grayscale has filed with the US Securities and Exchange Commission to convert its NEAR Protocol Trust into an exchange-traded fund, extending its push to bring crypto investment products into regulated public markets amid growing institutional interest.
The proposed ETF would be listed on NYSE Arca and offer investors fractional exposure to NEAR tokens without requiring direct custody or interaction with the underlying blockchain.
The filing reflects Grayscale’s long-standing strategy of launching crypto products as private trusts, transitioning them to secondary markets, and ultimately converting them into ETFs as regulatory conditions evolve.
Grayscale followed a similar path in 2025 by converting several trusts into ETFs, including products tied to XRP and Chainlink, signaling confidence that US regulators are increasingly open to crypto-based exchange-traded products.
Bloomberg ETF analyst James Seyffart said the steady flow of crypto ETP filings shows sustained demand from asset managers despite market volatility and uneven performance across digital assets.
The NEAR Trust currently trades on the OTCQB market under the ticker GSNR, providing limited liquidity and access compared with a fully listed ETF on a major exchange.
The fund holds approximately $900,000 in assets under management, a relatively small size that highlights waning retail interest during the broader altcoin downturn.
Net asset value per share has fallen roughly 45% since launch, reflecting the prolonged weakness in altcoin prices over the past several months.
NEAR tokens remain far below their 2022 peak after surging during the artificial intelligence-driven rally, with sentiment fading as capital rotated toward larger, more established cryptocurrencies.
The proposed conversion underscores Grayscale’s view that regulatory clarity and exchange listings could eventually revive investor appetite for smaller-cap crypto assets despite recent losses.
At the time of reporting, NEAR Protocol price was $1.53.