Crypto investment firm Grayscale has filed paperwork with the US Securities and Exchange Commission proposing the conversion of its NEAR Protocol Trust into an exchange-traded fund. The preliminary prospectus, filed Tuesday, details the Grayscale NEAR Trust, a security granting fractional ownership of NEAR tokens.
Grayscale intends to convert this Trust for listing on the New York Stock Exchange Arca platform. This follows the company’s familiar trajectory of introducing products as private trusts, listing them on over-the-counter markets, and finally seeking ETF status.
This path proved successful in 2025 with conversions of its Digital Large Cap Fund, Chainlink Trust, and XRP Trust into ETFs. The company is also preparing for future offerings, having recently formed statutory trusts for potential Binance Coin and Hyperliquid products.
The filing adds to the queue at the SEC, with Bloomberg ETF specialist James Seyffart noting, “Crypto ETP filings continue to come across the SEC’s desk.” The underlying NEAR Trust has been trading on the OTCQB, a major US secondary market, since September.
The trust presently reports $900,000 in assets under management. Its net asset value per share is $2.19, representing a 45% drop from its initial value amid a severe altcoin market contraction over the last four months.
