Grayscale Files S-1 for NEAR ETF, NEAR Protocol Price Rebounds

Grayscale Investments has submitted an S-1 to the US SEC to convert its Grayscale Near Trust into a spot ETF. As a result, NEAR Protocol price bounced more than 3% despite the broader crypto market crash.

Grayscale Files with US SEC for NEAR ETF

According to a Form S-1 submitted with the US SEC on January 20, Grayscale seeks to convert the Near Trust into an ETF. Also, the issuer intends to rename the Trust as Grayscale Near Trust ETF.

If the registration is approved, it plans to list the shares under ticker GSNR, currently traded on the OTCQB market, on the NYSE Arca. It will announce fees and other details in the next filings with the SEC.

Grayscale also mentioned language to consider staking. If the staking condition is satisfied, “The sponsor anticipates that the Trust would enter into written arrangements with the Custodian to stake the Trust’s NEAR to one or more vetted third-party staking providers.”

CSC Delaware Trust Company is the trustee, The Bank of New York Mellon is the transfer agent and the administrator, and Continental Stock Transfer & Trust Company is the co-transfer agent of the trust.

Moreover, Coinbase Inc will serve as the prime broker and Coinbase Custody Trust Company LLC is the custodian. The Grayscale NEAR Trust ETF will track spot NEAR protocol price using the CoinDesk NEAR CCIXber Reference Rate.

In response to the filing, Bloomberg ETF analyst James Seyffart said, “Crypto ETP filings continue to come across the SEC’s desk.” Recently, Grayscale filed trust registrations in Delaware for a BNB ETF and Hyperliquid ETF.

NEAR Protocol Price Jumps Over 3%

NEAR Protocol price rebounded 3% in the last few hours, minimizing losses during the crypto market crash. The price is currently trading at $1.54, with a 24-hour low and high of $1.50 and $1.60, respectively.

Furthermore, trading volume has increased by 22% over the last 24 hours, indicating a rise in interest among traders. However, the price is trading below the 50-day MA and 200-day MA.

CoinGlass data showed buying in the derivatives market in the last few hours. The total NEAR Protocol futures open interest jumped almost 2% to $229 million in the last 4 hours. The futures OI on Binance, OKX, and Bybit climbed more than 2%.