Grayscale Investments, one of the largest crypto asset managers, has made a major move to add more exchange-traded funds (ETFs) by filing a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC).
The filing, submitted on January 20, 2026, seeks to convert the current Grayscale Near Trust into a spot exchange-traded fund (ETF) focused on the NEAR Protocol token.
The Grayscale Near Trust ETF would directly hold NEAR tokens, giving investors a regulated way to track the cryptocurrency’s price changes without managing digital wallets or custody.
If the registration is approved and goes into force, the trust will be given a new name and moved from its present over-the-counter (OTCQB) trading under the symbol GSNR to the NYSE Arca exchange.
Grayscale has a set way of doing things: they first debut products as closed-end trusts for accredited investors, then switch them to ETFs that are easier for everyone to use. The SEC made it easier to approve altcoin-based ETFs by introducing generic listing rules in October 2025. This means fewer cases need to be examined individually.
A Layer-1 Blockchain with AI Goals: NEAR Protocol
NEAR Protocol is a fast Layer-1 blockchain designed to work with decentralised apps (dApps). It competes with well-known networks like Ethereum, EOS, and Polkadot by offering features such as readable account names and easy interactions with smart contracts and dApps without a wallet. The procedure now has almost $135 million worth of locked value.
NEAR’s 2026 plan focuses on improving the integration of artificial intelligence. For example, they just released the NEAR AI Cloud and Private Chat technologies for safe, private AI interactions.
Brave Nightly, OpenMind AGI, and Phala Network are just a few of the platforms that have added these projects. The NEAR Foundation is also exploring a “House of Stake” governance model that would enable more nuanced, context-aware decision-making.
Grayscale’s Bigger Plan for Crypto ETFs
Grayscale is moving into NEAR after doing the same with other cryptocurrencies, such as Bittensor, Chainlink, XRP, and others. The asset manager is ready to take advantage of what they believe will be high institutional demand in the crypto market in 2026, especially since they expect bipartisan legislation to clarify the rules.
The NEAR Trust is currently traded on the OTCQB and has a small asset under management. At the time of the filing, market data revealed that NEAR was trading at about $1.54, down 1.65% on the day, with a market valuation of $1.96 billion. Trading volume has increased by 21% over the last 24 hours, reaching $202 million.
Possible Effects on Institutional Adoption
Analysts see this submission as a strong sign that interest in single-asset altcoin ETFs is growing rapidly. The SEC’s new generic listing rules have enabled products to be released more quickly, potentially freeing up billions of dollars in institutional capital in the altcoin sector. This might make NEAR more liquid and visible, helping it expand into AI-driven blockchain apps.
Grayscale’s history with its Bitcoin and Ethereum ETFs, despite recent withdrawals, shows that there is a need for regulated crypto exposure. If it gets the go-ahead, the NEAR ETF would be one of many products that let people passively invest in new cryptocurrencies.
As the SEC reviews the application, market watchers will keep an eye on how this affects NEAR’s acceptance and the altcoin ETF market as a whole in 2026.
