Grayscale Files for US-Listed NEAR ETF Conversion

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In a new regulatory step, Grayscale has filed with the US Securities and Exchange Commission to transform its NEAR Protocol Trust into an exchange-traded fund. The filing, a preliminary prospectus submitted Tuesday, concerns the Grayscale NEAR Trust, whose shares represent fractional ownership in NEAR tokens.

The asset manager plans to convert this Trust into an ETF listed on the New York Stock Exchange Arca. This approach is consistent with Grayscale’s methodology of introducing products as private trusts, transitioning them to OTC markets, and ultimately seeking ETF conversion.

Last year, Grayscale successfully converted several products, including its Digital Large Cap Fund, Chainlink Trust, and XRP Trust, into ETFs. Earlier this month, it also established new Delaware trusts for potential products linked to Binance Coin and Hyperliquid.

Bloomberg ETF analyst James Seyffart observed on Tuesday, “Crypto ETP filings continue to come across the SEC’s desk.” The NEAR Trust initiated trading on the OTCQB, a leading US secondary market, in September under the symbol GSNR.

The trust currently holds $900,000 in assets under management. Its net asset value per share is $2.19, which marks a 45% decrease from its launch, coinciding with a broad downturn in altcoin markets over recent months.