Grayscale amps up its push for a NEAR spot ETF as the token draws renewed attention from AI-focused investors.
Grayscale Investments filed an amended registration statement for its proposed spot NEAR ETF on June 12, updating an original S-1 first submitted in January. The revision adds SEC Registration No. 333-292834 and expands several compliance, custody and disclosure items as the asset manager continues to seek approval to list a fund tied to NEAR Protocol.
Key changes in the amended filing
- Custody: BitGo Bank & Trust N.A. is named as the primary custodian, while Coinbase Custody Trust Company remains listed as an additional custodian — broadening the fund’s custody architecture compared with earlier documents that named Coinbase as sole custodian.
- Staking disclosures: Grayscale tightened language around staking, clarifying the trust will only provide staking-related exposure if permitted under U.S. law. The filing explicitly states the trust, sponsor and custodians are not currently staking NEAR tokens.
- Token and network data: As of March 31, 2026, circulating supply was reported at 1.3 billion NEAR and market capitalization at roughly $1.5 billion. The filing notes NEAR’s market ranking slipped from 39th to 43rd over the covered period.
- Legal and administrative updates: The amendment adds Davis Polk & Wardwell LLP attorney Dylan H. Lojac as counsel, implements formatting and regulatory-compliance edits, and addresses a checkbox linked to emerging growth company elections.
Why timing matters
The filing arrives amid resurging investor interest in crypto assets tied to artificial intelligence themes. Market attention to AI-linked tokens picked up after SpaceX’s public market debut — a high-profile event that reportedly valued the company at about $1.77 trillion — and that broader tech enthusiasm has spilled into crypto, particularly networks positioning themselves as infrastructure for decentralized AI applications.
NEAR has actively promoted itself as a platform for decentralized AI, building tooling for autonomous agents and related services. That positioning helps explain why Grayscale is pursuing an ETF focused on the token now, as asset managers look to capitalize on growing demand for crypto exposures connected to advanced tech narratives.
Next steps
Grayscale’s amended S-1 is now in the regulatory pipeline and will await further SEC review before any decision on listing a spot NEAR ETF. The changes sharpen the trust’s compliance posture and clarify operational constraints — notably around custody and staking — as Grayscale navigates the approval process.
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