Grayscale has filed with US regulators to convert its NEAR Protocol Trust into an exchange-traded fund. The proposed ETF would list on NYSE Arca and give investors exposure to NEAR tokens without holding them directly. This follows Grayscale’s usual path of launching private trusts and later converting them into exchange-traded products.
The NEAR Trust currently trades on the OTC market and manages about $900,000 in assets. Its value has dropped deeply since launch following weakening of altcoin prices over recent months. Despite this, Grayscale continues to expand its product lineup and has recently created new trusts linked to other crypto assets.
NEAR Protocol is a high-performance blockchain that has prioritised AI use cases and decentralised applications. The ETF filing indicates that asset managers continue to see long-term demand for regulated cryptocurrency investment products even though the NEAR token is well below its 2022 top. Even though the altcoin market as a whole is still under pressure, analysts say consistent ETF filings indicate ongoing institutional interest.
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