Grayscale files to convert its NEAR Trust into a spot ETF with staking, NYSE Arca listing, and Coinbase custody, raising questions about NEAR’s next price trend.
Grayscale Investments has filed a Form S-1 with the U.S. Securities and Exchange Commission to convert the Grayscale Near Trust into a spot exchange-traded fund, the company announced. The filing represents another step in the firm’s effort to transition legacy crypto trusts into regulated, retail-accessible products.
Grayscale files for ETF to offer broader range of spot crypto ETFs
The filing indicates the regulatory environment may now support a wider range of spot crypto ETFs beyond Bitcoin and Ethereum, according to market observers.
If approved, the Grayscale Near ETF would undergo structural changes to align with traditional ETF standards, according to the filing. The fund would uplist from over-the-counter markets to NYSE Arca. Authorized participants would create or redeem shares in baskets of 10,000 units using either NEAR (NEAR) tokens or cash.
The fund’s investment objective would be to passively track the market price of NEAR, minus fees and liabilities, according to the filing. The structure mirrors the framework used by approved spot Bitcoin ETFs.
The filing includes a staking clause that would allow the ETF to stake NEAR tokens through third-party providers, subject to regulatory approval. If permitted, staking rewards could provide incremental yield to the fund, introducing an income component rarely seen in traditional spot ETFs.
Grayscale has selected Coinbase for custody and prime brokerage, and Bank of New York Mellon as administrator and transfer agent, according to the filing. The partnerships are consistent with the infrastructure used across Grayscale’s existing ETF and trust products.
The Grayscale Near Trust, launched in November 2021, currently manages a relatively small amount of assets. The conversion reflects Grayscale’s strategy of repackaging existing trusts into more liquid, regulated vehicles, according to company statements.
The filing follows a similar move by Bitwise, which submitted its own spot NEAR ETF application in May 2025. Grayscale has been expanding its ETF filings in early 2026 with applications tied to additional altcoins.
Analysts note the timing aligns with a more constructive regulatory backdrop under the current U.S. administration, increasing expectations that additional altcoin spot ETFs could gain approval over the coming year.
If approved, the Grayscale Near ETF would give traditional investors regulated exposure to the NEAR ecosystem and introduce staking-enabled design concepts into mainstream ETFs, according to industry analysts.
