Grayscale’s Persistent Push Toward a NEAR Spot ETF

Grayscale Investments, a major player in the cryptocurrency asset‑management arena, has repeatedly filed Form S‑1 documents with the U.S. Securities and Exchange Commission (SEC) to convert its existing Grayscale Near Trust into a spot exchange‑traded fund (ETF). The latest filing, announced on 2026‑01‑21, follows a sequence of submissions that have, in the short term, provided a modest lift to the price of NEAR Protocol (NEAR) amid a broader downturn in the crypto market.

Regulatory Submissions and Market Reaction

  • January 21, 2026: Multiple outlets reported that Grayscale lodged an S‑1 application to transform the Near Trust into an ETF, slated for listing on NYSE Arca under the ticker GSNR.
  • The filing was accompanied by a price rebound for NEAR, which rose by more than 3 % from roughly $1.44 to $1.80, a movement noted across several reports.
  • Despite the overall market crash, the NEAR token’s close on 2026‑01‑21 settled at $1.51115, reflecting a modest yet notable recovery.

Contextualizing the Move

NEAR Protocol, a blockchain platform that emphasizes developer friendliness and scalability, has seen significant volatility over the past year. Its 52‑week high reached $5.13678 on 2025‑01‑25, while the 52‑week low dipped to $1.40759 on 2025‑12‑18. The current market cap, at approximately $1.97 billion, underscores the substantial investor base that Grayscale’s ETF could tap into.

Grayscale’s strategy of converting legacy trust products into ETFs has precedent with other cryptocurrencies such as Bitcoin and Ether. The firm’s repeated filings, even as the Near Trust’s performance has declined, suggest a long‑term conviction that a spot ETF will broaden access for institutional investors and potentially stabilize price dynamics through increased liquidity.

Potential Implications for Investors

  • Accessibility: An ETF would allow traditional brokerage accounts to hold NEAR exposure without the need for cryptocurrency wallets or custody solutions.
  • Regulatory Clarity: Successful SEC approval would signal a regulatory pathway for other blockchain projects seeking ETF status.
  • Price Dynamics: The initial price rebound illustrates the immediate market impact that regulatory filings can have, although sustained performance will depend on broader market conditions and adoption rates.

Conclusion

Grayscale’s persistent application of Form S‑1 filings for a NEAR spot ETF reflects an ongoing effort to bridge the gap between conventional financial markets and emerging blockchain assets. While the current price uplift is modest, it highlights the market’s sensitivity to regulatory milestones. Investors will be watching closely as the SEC processes the application and determines whether NEAR’s spot ETF will join the growing list of blockchain‑based investment vehicles available to institutional and retail clients alike.