Grayscale’s NEAR ETF Dream: Cash Cow or Cautionary Tale?

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Grayscale’s NEAR ETF Dream: Cash Cow or Cautionary Tale?

Grayscale has just filed a form so exciting, it’s making the SEC blush. They’re trying to turn their Grayscale Near Trust into a spot NEAR ETF, because who doesn’t want to trade altcoins on the NYSE Arca? A true flex of financial sophistication.

Why settle for Bitcoin and Ethereum when you can dive headfirst into the wild, woolly world of altcoins? Grayscale’s latest move is like bringing a knife to a gunfight-except the gun is a regulatory approval and the knife is a 2.50% fee that would make a penny-pincher weep.

Details of the Proposed ETF Conversion

The filing, first spotted on X by ETF Hearsay’s Henry Jim on January 20, outlines plans to uplist the Grayscale Near Trust under the ticker GSNR. Because “GSNR” sounds like a secret code for “I’m not sure what I’m doing.”

The product currently trades over the counter, which is just a fancy way of saying it’s hiding in the shadows. Launched in May 2024 as a private vehicle, it finally opened to the public in September 2025-because nothing says “urgency” like a 10-month delay.

Under the proposal, the trust would be renamed Grayscale Near Trust ETF and operate as a passive product holding NEAR tokens directly. Shares would be created and redeemed in blocks of 10,000 through authorized participants, using an in-kind and cash mechanism designed to keep prices closer to net asset value. Because nothing says “financial innovation” like a 10,000-share minimum.

The trust currently carries a 2.50% expense ratio, with ETF fees still to be announced. Data from the Grayscale website shows that as of January 21, the product was managing about $900,000 in assets, with shares trading at about $2.85 and the reported NAV sitting near $2.19. Grayscale has acknowledged that the trust has often traded at sizable premiums or discounts, which is basically the crypto version of a rollercoaster.

The prospectus also outlines optional staking, though it remains inactive. Staking would only begin if specific regulatory and tax conditions are met, and Grayscale retains discretion over whether to pursue it. Because why take risks when you can just wait for someone else to do the heavy lifting?

NEAR Price Action

Looking at the market, the ETF filing has failed to trigger an immediate price response, suggesting traders may be cautious about timing and approval odds. At the time of the filing, NEAR was trading around $1.53, reflecting a 69% dip over the previous year and a drop of about 17% in the past week. Because nothing says “investment opportunity” like a 69% plunge.

This price context is relevant for the proposed ETF, as its value will be directly tied to the often-volatile spot price of NEAR. Because nothing says “stability” like a token that’s been all over the place since 2024.

Grayscale’s move is part of a broader trend of asset managers seeking regulatory approval for altcoin-focused ETFs. In late December 2025, competitor Bitwise filed for 11 single-asset crypto ETFs targeting tokens including Aave, Uniswap, and Sui. Because why have one ETF when you can have 11? The race is on for a first-mover advantage, and apparently, the finish line is a regulatory approval.

The success of recent Ethereum and Solana ETFs, which saw record trading volumes in early January 2026, has likely encouraged this wave of new filings. Because nothing says “I’m a trendsetter” like jumping on the ETF bandwagon after others have already made the leap.


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2026-01-22 01:36