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- Grayscale has filed an S-1 with the SEC to turn its Near Trust into an ETF, which may list on NYSE Arca as GSNR.
- NEAR Protocol rebounds, and futures open interest gains after the filing of ETFs by Grayscale.
Grayscale Investments has submitted an S-1 registration statement with the United States Securities and Exchange Commission (SEC), requesting them to allow the conversion of its Grayscale Near Trust into a spot exchange-traded fund (ETF). In case the US SEC consents to the filing, the new ETF will trade under the ticker code GSNR on the NYSE Arca.
This move comes as Grayscale continues to work towards increased attempts to introduce more crypto assets in the conventional financial markets.
The Grayscale Near Trust that has been trading in the OTCQB market will be rebranded to reflect its new ETF status. The move indicates that Grayscale is still trying to access the expanding demand for cryptocurrency exposure in regulated financial instruments.
Grayscale S-1Filing for NEAR ETF | Source: SEC
Should it pass, the ETF will track the price of the NEAR Protocol directly, based on the CoinDesk NEAR CCIXber Reference Rate, a reliable index to track the token’s price.
Also, Grayscale has outlined its plan to collaborate with Coinbase Custody Trust Company LLC, which will serve as a custodian of the NEAR tokens deposited in the trust. The investment firm also stated that the tokens in the trust would be stakeable with third-party providers in case some conditions are met.
This would enable the NEAR Trust ETF to generate yield, potentially providing additional value to investors.
Previously, CNF covered that Grayscale registered Delaware trusts for BNB and Hyperliquid’s HYPE token, marking the first step toward launching potential exchange-traded funds (ETFs) for these assets.
Rising Interest in NEAR Protocol
After the announcement, the NEAR Protocol price increased by more than 3%. This recovery contributed to the reduction of the losses of the wider crypto market, where prices have been trending downward.
At the time of reporting, the token is trading at $1.53 with a 24-hour resistance watch at $1.60. The price rise was followed by an increase in trading volume, which went up by over 20% in the last 24 hours, indicating the emerging interest in the token.
Futures open interest on the major exchanges like Binance, OKX and Bybit also rose further, indicating an increasing market for the token. Such a surge in both the spot and derivatives markets is a reaction to Grayscale trying to attract more institutional investment into the NEAR Protocol ecosystem.
Earlier this month, we covered that Grayscale updated its “Assets Under Consideration and Current Products” overview. The update lists 36 assets across smart contracts, finance, AI, consumer, and utilities, with tokens like HBAR, XRP, and XLM currently included in Grayscale’s product suite. Additionally, Grayscale has identified several other digital assets as candidates for future ETFs.
