The battle to bring digital assets deeper into traditional markets is no longer centered only on Bitcoin and Ethereum.
Asset managers are now testing how far regulators are willing to go – and which blockchains could be next in line for institutional access.
Key Takeaways
Grayscale has taken the first formal step toward a NEAR-based ETF by filing an S-1
Recent SEC rule changes have accelerated the pace of crypto product launches
NEAR has seen rising trading activity despite weak long-term price performance
Grayscale is expanding beyond core products to position for future institutional demand
One of the latest moves comes from Grayscale, which has quietly taken the first legal step toward offering regulated exposure to the NEAR ecosystem.
A regulatory opening, then a filing
Late last year, the US Securities and Exchange Commission reshaped the ETF approval process by introducing standardized listing rules for certain crypto-linked products. That change removed the need for lengthy, case-by-case reviews and opened a faster route for new launches.
Grayscale is now moving through that opening. The firm has submitted a Form S-1 registration statement for a proposed NEAR-based trust, aiming to list the product on NYSE Arca under the ticker GNSR. The filing outlines how the trust would function, how assets would be held, and what risks investors would face, but it does not guarantee approval.
What it does signal is intent: Grayscale wants to be first in line if altcoin ETFs become a normalized part of US markets.
Why NEAR is being tested now
The choice of NEAR is not accidental. While the token’s price has struggled over the past year, market activity has quietly improved. Trading volumes have picked up noticeably, suggesting growing liquidity even as valuations remain compressed.
At the same time, NEAR has continued to position itself as a developer- and user-friendly layer-1 network, focusing on reducing friction for mainstream users rather than competing purely on throughput or fees.
For an issuer, that combination – established infrastructure, active trading, and a clear narrative – makes NEAR a viable candidate for a regulated product.
Grayscale’s broader balancing act
The filing also comes as Grayscale works through the aftereffects of years of heavy fund outflows. Some of its largest products have seen significant redemptions as investors rotated capital or took profits following earlier cycles.
Rather than retreating, the firm appears to be recalibrating. Expanding into new single-asset trusts allows Grayscale to position itself for a future where institutional investors look beyond Bitcoin-only exposure and seek diversified crypto allocations through familiar vehicles.
Internally, the firm has argued that clearer rules could bring a fresh wave of capital once political consensus around digital asset legislation solidifies.
NEAR’s strategy goes beyond price charts
Away from markets, NEAR Protocol has been building toward a longer-term thesis. The network supports decentralized applications with features designed to simplify onboarding, including account abstractions that reduce the need for traditional wallets.
The NEAR Foundation has also leaned heavily into artificial intelligence and privacy. Recent initiatives focus on allowing users to interact with AI tools while retaining ownership of their data, using encryption methods that avoid centralized control.
Looking ahead, the foundation is experimenting with governance models that combine human input with AI-assisted representation, aiming to make on-chain decision-making more expressive than simple yes-or-no voting.
Why this filing matters even if approval takes time
Whether or not the NEAR trust is approved quickly, the filing itself is meaningful. It reflects a shift in how crypto products are being developed: faster, broader, and less centered on a single asset.
Each new application adds pressure on regulators to clarify boundaries, and each decision sets precedent for what comes next. For the market, this is less about NEAR alone and more about whether altcoins are finally entering the same institutional pipeline that Bitcoin did years earlier.
