Grayscale has filed the S-1 document for NEAR Trust, which is equivalent to packaging NEAR tokens into a "quasi-ETF"—once approved by the SEC, it can be publicly traded on the US OTC market. This is highly significant for the NEAR blockchain.

First, it represents an upgrade in compliance. Assets selected by Grayscale have always been regarded as "mainstream assets" by traditional financial circles. Through the SEC's S-1 review process, NEAR will undergo a thorough compliance check, and once approved, it will obtain a pass to enter Wall Street. This is not just a piece of paperwork; it signifies recognition from institutional investors.

Second, the gateway for incremental capital has been opened. Trust shares can be bought and sold directly in securities accounts using USD, allowing institutions that previously couldn't custody crypto assets—such as pension funds, family offices, and corporate treasuries—to now allocate NEAR in a compliant manner. It's like adding a USD-denominated "trading channel" for tokens that requires no on-chain operations.

Looking at ecosystem feedback, Grayscale Trust operates with a "physical subscription plus lock-up" model. New shares must be purchased with spot NEAR, and once inside the trust, they are locked and no longer circulate. As the trust grows, the circulating supply in the market will be continuously absorbed, creating strong long-term buying pressure; meanwhile, developers, node operators, and the DeFi ecosystem will gain higher visibility, which in turn will promote on-chain activity.

In summary: NEAR is officially upgraded from an "asset within the crypto circle" to a "traditional financial asset." In the short term, clear buying support can be expected; in the medium to long term, it can enhance brand recognition, liquidity depth, and developer confidence. This is a typical "institutional-grade entry" positive development.