Grayscale strikes again: NEAR Trust ETFification. How many crypto assets have been integrated into mainstream finance?

Grayscale is accelerating the mainstream adoption of digital assets. According to the latest news, Grayscale has submitted an S-1 filing to the U.S. Securities and Exchange Commission, applying to convert the Grayscale Near Trust into a Grayscale Near Trust ETF. This means that NEAR, a once niche asset, is about to gain access to mainstream financial markets. Currently, the trust shares are traded on the OTCQB market under the ticker “GSNR.” Once the registration statement becomes effective, it plans to list on NYSE Arca, with the same ticker.

Grayscale’s ETF Expansion Map

This move by Grayscale is not an isolated event but a continuation of its systematic ETF strategy. From available information, Grayscale has already launched ETF products for multiple cryptocurrencies, including Ethereum and other mainstream coins. This ongoing product innovation reflects a clear market trend: institutions are actively pushing digital assets from “alternative investments” to “mainstream financial instruments.”

Why NEAR?

NEAR Protocol is a public blockchain project. According to publicly available information, it ranks 42nd in market capitalization among cryptocurrencies. Although it is relatively lower in the rankings, Grayscale’s choice is not random. Several signals may underlie this decision:

• Grayscale is expanding its ETF product lineup from large-cap assets to include mid-cap assets
• NEAR, as a public chain ecosystem, has a solid technical foundation and application ecosystem, aligning with institutional long-term allocation logic
• Against the backdrop of increasing regulatory recognition of digital assets, Grayscale is seizing more ETF opportunities across different categories

What does ETFification mean?

The transition from OTCQB to NYSE Arca may seem like a change of exchange, but it fundamentally enhances asset accessibility and liquidity.

This means investors who previously could only hold NEAR through special channels will soon be able to buy it easily via regular securities accounts. It opens a door to traditional finance.

Market Status and Outlook

According to available data, NEAR is currently priced at $1.52, with recent performance showing some pressure:

• 1-hour increase of 0.85%
• 24-hour decrease of 4.87%
• 7-day decrease of 18.69%
• Market cap approximately $195 million

Short-term price fluctuations are inevitable, but the signals from Grayscale’s ETF application are more significant. They indicate that even during market adjustments, institutions are still deploying assets with long-term value. This “counter-cyclical” institutional behavior often foreshadows a shift in market structure.

Personal Observation

Grayscale’s series of actions (including ETF products for NEAR, ETH, and others) reflect a deeper change: digital assets are evolving from “speculative assets” to “investment assets.” When large asset management firms like Grayscale systematically launch ETF products, it suggests they believe the market now has the infrastructure and demand to support these products. This is beneficial not only for NEAR but also a positive signal for the entire crypto ecosystem.

Summary

Grayscale’s application to convert NEAR Trust into an ETF marks another milestone in the mainstreaming of digital assets. It demonstrates Grayscale’s strategic intent to expand its product line and reflects institutional recognition of the long-term value of digital assets. ETFification will significantly lower the participation threshold for retail investors, which is a positive development for the NEAR ecosystem. However, investors should understand that ETFification enhances asset accessibility and liquidity, not necessarily price. The long-term value of NEAR ultimately depends on its ecosystem development and technological progress.