Grayscale Investments has taken another major step in expanding crypto access for traditional investors by filing to convert its Grayscale Near Trust into a spot NEAR exchange-traded fund (ETF). The move could open the door to fresh institutional demand for NEAR and raise new questions about where the token’s price might head next.
According to the filing, Grayscale submitted a Form S-1 with the U.S. Securities and Exchange Commission seeking approval to list the proposed ETF on NYSE Arca. If approved, the fund would shift from over-the-counter trading to a regulated exchange, making it easier for retail and institutional investors to gain direct exposure to NEAR through familiar investment channels.
The ETF would be designed to closely track the market price of NEAR, after accounting for fees and expenses. Similar to spot Bitcoin ETFs, authorized participants would be able to create or redeem shares in large baskets of 10,000 units using either NEAR tokens or cash. This structure is intended to keep the fund’s price aligned with the underlying asset.
One of the more notable features in the filing is an optional staking clause. If regulators allow it, the ETF could stake its NEAR holdings through approved third-party providers. That would mean the fund could earn staking rewards, potentially adding a yield component to a traditional spot ETF — something rarely seen in mainstream crypto investment products.
For custody and fund operations, Grayscale has chosen Coinbase as custodian and prime broker, with Bank of New York Mellon acting as administrator and transfer agent. These partners are already part of Grayscale’s existing ETF infrastructure, signaling continuity with its current product lineup.
The Grayscale Near Trust itself is not new. Launched in November 2021, it manages a relatively small pool of assets compared to Grayscale’s flagship Bitcoin and Ethereum products. The proposed conversion reflects the company’s broader strategy of turning older trusts into more liquid, exchange-traded vehicles that appeal to a wider audience.
This filing also follows growing momentum in the altcoin ETF space. In May 2025, Bitwise submitted its own application for a single-token NEAR ETF, and Grayscale has continued to roll out additional filings tied to other cryptocurrencies in early 2026. Market observers say the timing reflects a more welcoming regulatory tone under the current U.S. administration, increasing expectations that more altcoin spot ETFs could be approved in the coming year.
If the NEAR ETF gains approval, it could broaden regulated access to the NEAR ecosystem and attract fresh inflows from investors who prefer traditional financial products over direct token purchases. Analysts note that even modest ETF demand could help support prices in the $2–$3 range, especially if staking rewards add an extra layer of appeal.
While approval is not guaranteed, Grayscale’s latest move highlights how quickly the crypto ETF landscape is evolving — and how projects like NEAR may soon benefit from deeper integration with mainstream markets.
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