Core Insights - Grayscale has filed with the SEC to convert its NEAR Trust into a spot exchange-traded fund (ETF) despite a broader decline in the cryptocurrency market, with NEAR's price initially rising over +3% before cooling down [1][2][3] Group 1: ETF Proposal and Structure - The proposed ETF aims to offer staking options and will utilize major custodians to track NEAR spot prices on regulated exchanges, providing optimism for NEAR holders after a -70% Year-on-Year decline in 2025 [2][3] - The Form S-1 outlines plans to rename the product as the Grayscale Near Trust ETF, intending to list shares on NYSE Arca under the ticker symbol GSNR, migrating from the OTCQB market if approved [4] - The operational framework of the trust will rely on established financial intermediaries, with CSC Delaware Trust Company as the trustee and The Bank of New York Mellon as the administrator [6] Group 2: Custody and Brokerage Details - Coinbase will act as the prime broker for the ETF, while Coinbase Custody Trust Company will serve as its custodian, aligning with custody structures seen in various crypto-related investment products [7] - The ETF is designed to track the spot price of NEAR Protocol using the CoinDesk NEAR CCIXber Reference Rate, focusing on direct market exposure rather than futures-based instruments [8]