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Grayscale has filed a registration application (S-1) with the U.S. Securities and Exchange Commission (SEC) to convert its existing fund Grayscale Near Trust into a NEAR spot ETF, which, subject to regulatory approval, will be listed on NYSE Arca under the symbol GSNR.
The fund currently operates as an over-the-counter (OTC) trading product, launching in May 2024 and opening for public trading in September 2025.
According to the proposal, it will be renamed “Grayscale Near Trust ETF” and will operate as a passive product that directly holds NEAR coins.
The new structure will allow approved parties to create and redeem shares in blocks of 10,000 shares, using a cash and in-kind mechanism aimed at closing the gap between transaction price and net asset value (NAV), an issue the fund has previously encountered.
The current expense ratio is 2.5%, and new ETF fees have not yet been announced.
Data shows the fund has approximately $900,000 in assets under management.
Despite the announcement, there was no immediate reaction in the price of ‘NEAR’, with the currency currently trading close to $1.53, down approximately 69% year-on-year and 17% over the week, reflecting traders’ caution regarding approval opportunities and market timing.
Grayscale’s move is part of a broader wave of asset managers broadening the scope of cryptocurrency exchange funds to include alternative currencies, following the success of Bitcoin and Ethereum funds, as companies such as Bitwise increase similar claims across multiple currencies.
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