Crypto asset manager Grayscale has filed with the U.S. Securities and Exchange Commission to convert its NEAR Protocol Trust into an exchange-traded fund.
Grayscale filed a preliminary prospectus on Tuesday for the Grayscale NEAR Trust, a security offering shares representing fractional ownership of NEAR Protocol Tokens (NEAR).
The company intends to convert the present trust into an ETF to be listed on the New York Stock Exchange Arca.
The move follows Grayscale's established pattern of launching products as private trusts, moving them to OTC markets and at last converting them to exchange-traded products.
In 2025, Grayscale converted its crypto asset basket Digital Large Cap Fund, Chainlink (LINK) Trust, and XRP (XRP) Trust into ETFs.
Earlier this month, Grayscale established latest statutory trusts in Delaware tied to potential products related to Binance Coin (BNB) and Hyperliquid (HYPE).
“Crypto ETP filings proceed to land on the SEC’s desk,” Bloomberg ETF specialist James Seyffart noted on Tuesday.
NEAR Trust NAV down 45%
The NEAR Trust began trading in September under the symbol GSNR on the OTCQB, a number one U.S. secondary market operated by OTC Markets Group Inc.
In its current form, it manages $900,000 in assets. Net asset value per share is $2.19, down 45% from the beginning of trading as altcoin markets have slumped over the past 4 months.
NEAR Trust's net asset value per share has fallen 45% since September. Source: Grayscale
NEAR token plunged 92% in two years
The NEAR Protocol is a robust, AI-native platform designed for the following generation of decentralized applications and AI agents.
During the AI boom, NEAR token prices rose to an all-time high of just over $20 in January 2022.
However, they’ve since plunged 92% and are currently trading at $1.54 as altcoin season has bypassed the present market cycle and AI fever has subsided.
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