Grayscale Seeks Approval for NEAR Spot ETF Amid Market Downturn
- Grayscale Investments filed an S-1 with the US SEC on January 20 to convert its Grayscale Near Trust into a spot ETF.
- The proposed ETF will be named Grayscale Near Trust ETF and aims to list shares under ticker GSNR on NYSE Arca.
- NEAR Protocol price rebounded over 3% to $1.54, minimizing losses during a broader crypto market crash.
- Trading volume for NEAR increased by 22% in the last day, indicating heightened trader interest.
- The total NEAR futures open interest rose nearly 2% to $229 million within four hours, with significant increases on Binance, OKX, and Bybit.
Grayscale’s filing reflects ongoing interest in cryptocurrency exchange-traded products (ETPs) as the firm also recently registered trusts for a BNB ETF and Hyperliquid ETF. The potential approval of the NEAR ETF could further enhance market dynamics for altcoins.
As of now, NEAR is trading at $1.54 after a notable rebound amid market volatility, highlighting its resilience with a recent trading volume increase of over 22%.
