According to the amended S-1 filing submitted on June 12, Grayscale updated its earlier registration statement for the proposed spot NEAR ETF. The revision follows the trust's original filing submitted in January 2026. The latest version includes SEC Registration No. 333-292834, which did not appear in the previous filing. The amendment also contains compliance-related updates and additional disclosures as reported by the filing. As per the latest filing, Grayscale Near Trust (NEAR) is now a Delaware Statutory Trust that was formed on November 3, 2021, and commenced operations on May 22, 2024. The trust's purpose is to hold NEAR tokens, which are digital assets created and transmitted through the operations of the peer-to-peer Near Network, a decentralized network of computers that operates on cryptographic protocols. In connection with the effectiveness of this registration statement and the listing of the Shares on NYSE Arca, the Sponsor intends to rename the Trust as Grayscale Near Trust ETF by filing a Certificate of Amendment to the Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the DSTA.
The filing introduces significant changes to the fund's custody structure. Earlier documents listed Coinbase Custody Trust Company as the sole custodian. The amended filing names BitGo Bank & Trust N.A. as the primary custodian, replacing Coinbase Custody as the primary custodian. Coinbase Custody will continue serving as an additional custodian, expanding the ETF's custody arrangements while preserving Coinbase's role in the structure. This custody arrangement change represents one of the biggest differences between the initial application and the updated version. The filing also establishes CSC Delaware Trust Company as the trustee, The Bank of New York Mellon as the transfer agent and administrator, and Coinbase, Inc. as the prime broker. The trust operates with BitGo Bank & Trust N.A. as the custodian and Coinbase Custody Trust Company, LLC as an additional custodian.
According to the document, circulating supply reached 1.3 billion NEAR tokens as of March 31, 2026. The filing states that NEAR's market capitalization stood at approximately $1.5 billion. As of March 31, 2026, NEAR's 24-hour trading volume was approximately $77.3 million. The amendment also provides that NEAR was the forty-third largest digital asset by market capitalization as tracked by CoinMarketCap.com. The trust currently holds 607,594.45752581 NEAR tokens as of March 31, 2026, with a fair value of $1.19 per NEAR using prices provided by Coinbase at 4:00 p.m., New York time. The filing also reports that out of the 1 billion initially issued NEAR, approximately 1.3 billion NEAR have entered circulation as of March 31, 2026. The document includes formatting changes for compliance purposes related to the new checkbox for the emerging growth company election.
The filing states that the trust may only provide staking-related exposure if U.S. law permits it. Grayscale confirmed that the trust, sponsor, and custodians do not currently stake NEAR tokens. The revised filing makes a clear statement that they will only offer exposure to NEAR staking yield via the ETF only if the US law permits it. The amendment provides clearer language regarding staking restrictions, with those disclosures forming part of the updated registration package as reported by the filing. The trust currently cannot stake NEAR; future staking is allowed only if strict tax and regulatory conditions are met. The filing emphasizes that if NEAR is determined to be a "security" or transactions in NEAR are determined to be securities transactions under federal or state securities laws by the SEC or a state regulatory agency, it will have material adverse consequences for NEAR and an investment in the Shares.
The filing emerged as artificial intelligence-related crypto narratives regained market attention, spurred by Elon Musk-led SpaceX's successful IPO launch. The listing increased attention toward aerospace AI-related stocks and digital assets, with NEAR has been trying to establish itself as a blockchain that is focused on decentralized AI applications and autonomous agent infrastructure. The renewed investor interest comes as NEAR continues developing tools for autonomous agent systems, placing the project among blockchain networks targeting AI use cases. This filing represents Grayscale's strategic move to capitalize on the growing AI-focused crypto market narrative. The trust operates with shares issued and redeemed only in 10,000-Share Baskets through Authorized Participants via in-kind NEAR transfers or cash creations and redemptions facilitated by third-party Liquidity Providers. The trust emphasizes it is not registered as an Investment Company Act fund or CEA commodity pool and staking of NEAR is currently prohibited until tax and regulatory conditions are satisfied.
