Grayscale revises S-1 as interest in AI-linked crypto heats up
Grayscale Investments has filed an amended registration statement for its proposed spot NEAR ETF, introducing custody changes, tighter staking disclosures and expanded legal and compliance details as it continues to seek SEC approval.
Key updates in the June 12 amendment
- New custodian structure: The filing replaces Coinbase Custody Trust Company as sole custodian with BitGo Bank & Trust N.A. as the primary custodian; Coinbase remains listed as an additional custodian. The change broadens the fund’s custody arrangements while preserving Coinbase’s role.
- Staking language clarified: Grayscale added explicit language that the trust may only offer staking-related exposure if permitted under U.S. law, and confirmed that the trust, sponsor and custodians are not currently staking NEAR tokens.
- Registration and compliance edits: The amendment adds SEC Registration No. 333-292834 (absent from the January filing), updates various compliance-related disclosures, and includes formatting tweaks tied to regulatory requirements. It also addresses a new checkbox regarding emerging growth company elections.
- Legal counsel added: The filing names Dylan H. Lojac of Davis Polk & Wardwell LLP as legal counsel for the trust.
NEAR metrics and network positioning
Grayscale’s filing updates on-network figures: circulating supply stood at 1.3 billion NEAR tokens as of March 31, 2026, with a market capitalization of roughly $1.5 billion. The document also notes a drop in NEAR’s market ranking from 39th to 43rd over the covered period.
Why timing matters: AI narratives and market attention
The amended filing arrives as investor focus on artificial intelligence–linked digital assets has accelerated. Market participants have pointed to SpaceX’s recent public market debut and its roughly $1.77 trillion valuation as a trigger for renewed interest in advanced technology themes across financial markets. That spotlight has helped lift narratives around networks positioning themselves for AI use cases.
NEAR has been actively promoting infrastructure for decentralized AI applications—developing tooling for autonomous agents and related services—which places it among blockchains targeting AI-driven workloads. Grayscale’s updated S-1 lands against that backdrop as demand for AI-focused crypto exposure grows.
Next steps
The amended registration statement now awaits further SEC review. If approved, the fund would provide investors with an institutional vehicle tied to NEAR while subject to the custody and staking constraints outlined in the filing.
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