GrayScale stores the files for converting NEAR Trust into an ETF

The selected NEAR category

The NEAR protocol has positioned itself as a high-performance Layer-1 platform, focusing on scalability, developer experience, and a user-friendly registration process. Its fragmented architecture and emphasis on consumer-facing applications have differentiated it from more general smart contract platforms.

Grayscale's decision shows that the need for exposure to cryptocurrencies is no longer limited to narratives about "digital gold." Instead, capital allocators are increasingly valuing blockchain networks as an application infrastructure, similar to how investors value cloud computing companies or platforms in the traditional technology market.

Our review

Grayscale's filing of an S-1 application to convert NEAR Trust into a spot-trading ETF is a strong affirmation of the NEAR Protocol's long-term potential as a scalable and developer-friendly Layer-1 platform. By targeting one of the fastest-growing non-Ethereum ecosystems, Grayscale is positioning itself at the forefront of the altcoin ETF wave — following Bitcoin, Ethereum, and Chainlink.

If approved, this ETF would provide institutions and individual investors with access to NEAR's growth through regulated brokerage firms — from fragmented scalability and low fees to booming consumer and artificial intelligence applications. The initial price reaction (+11–16%) reflected market enthusiasm; sustained growth momentum will depend on the SEC's progress and the continued development of the ecosystem.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrency. This is not financial or investment advice. All investment decisions should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official stance of the platform. We recommend that readers conduct their own research and consult with experts before making any investment decisions.

Compiled and analyzed by HCCVenture

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GrayScale's next step forward.

Grayscale Investments has filed a Form S-1 application with the U.S. Securities and Exchange Commission (SEC) to convert its existing Grayscale NEAR Trust into a spot-trading ETF that tracks the price of the NEAR protocol (NEAR), according to legal filings and a CoinDesk report published on January 21, 2026.

If approved, this product would become the first US-listed spot ETF to offer direct exposure to the NEAR token — the native asset of a fragmented, high-throughput Layer-1 blockchain known for its focus on usability, developer experience, and decentralized cloud infrastructure.

• Target for conversion: Grayscale NEAR Trust (currently trading OTC under ticker symbol NEAR on OTCQX )

• Expense ratio: Expected ~0.85–1.25% (in line with other Grayscale single-asset ETFs)

• Custody & Creation/Redemption: In kind with authorized participating parties (APs) using NEAR or cash.

• No leverage or lending: Pure spot exposure; No staking or yield generation at launch.

• Timeline: The SEC review process typically takes 6-12 months; the earliest possible launch date could be late 2026 or early 2027 (subject to approval).

The proposed ETF will trade on NYSE Arca under an unfinished ticker symbol (possibly GNEAR or similar) and hold NEAR tokens directly in a secure, institutional-grade custody (expected to utilize Coinbase Custody and/or BitGo, consistent with Grayscale's other spot trading products ). This filing follows the same legal structure as Grayscale's previously approved/converted Bitcoin (GBTC) , Ethereum (ETHE) , and Chainlink (recently approved) spot ETFs.

Grayscale's move comes after the company successfully transitioned its Bitcoin, Ethereum, and Chainlink products, establishing a repeatable process for spot altcoin ETFs. The NEAR filing is the latest in a wave of single-asset ETF applications targeting Layer-1 tokens and high-trust infrastructure.