Grayscale’s Near ETF Plan Progresses While Token Faces Selling Pressure

Asset manager Grayscale has taken a step toward expanding its crypto ETF offerings by filing a Form S-1 registration statement with the SEC to convert its Grayscale Near Trust into a spot exchange-traded fund (ETF). The existing trust manages about $900,000 in assets and trades on the OTCQB market under the ticker GSNR; the proposed ETF would list on NYSE Arca under the same symbol. Grayscale has appointed Coinbase Custody Trust Company as custodian, with Coinbase as the prime broker, and confirmed the ETF strategy will not use leverage or derivatives. This move follows Bitwise's similar filing for a NEAR ETF and continues Grayscale's recent expansion, which includes converting other trusts and filing for new ETFs like BNB and Hyperliquid. Despite this regulatory progress, the NEAR token has faced selling pressure, declining 1.76% in 24 hours and about 14.3% over the past week, trading at $1.54 at the time of writing.

(Source：BeInCrypto)