Grayscale Investments has filed an amended S-1 for its spot NEAR ETF, replacing Coinbase Custody with BitGo as the primary custodian. The filing comes amid renewed interest in AI-related digital assets, partly fueled by the SpaceX IPO.
The amended filing signals Grayscale's continued efforts to expand its cryptocurrency ETF offerings, particularly for altcoins focused on AI. The changes in custodianship and the clarification on staking reflect regulatory considerations, while the timing highlights the intersection of traditional finance, emerging tech narratives, and the crypto market.
Grayscale Investments has submitted an amended S-1 registration statement for its proposed spot NEAR ETF, updating key details including custody arrangements. The revised filing, submitted on Friday, June 12, replaces Coinbase Custody Trust Company, LLC with BitGo Bank & Trust N.A. as the primary custodian, though Coinbase Custody will remain as an additional custodian.
The amendment also clarifies Grayscale's stance on staking yield exposure for the NEAR ETF, stating it will only be offered if permitted by U.S. law. Neither the trust, sponsor, nor custodians are currently staking NEAR tokens.
Updated statistics for the NEAR Protocol ecosystem were included, revealing a circulating supply of 1.3 billion NEAR tokens as of March 31, 2026, and a market capitalization of $1.5 billion. The token's market ranking has dropped from No. 39 to No. 43.
This filing follows Grayscale's recent launch of the Hyperliquid staking ETF and comes amid a resurgence of interest in artificial intelligence-related digital assets. The successful IPO of Elon Musk-led SpaceX has reportedly spurred this renewed investor focus on next-generation technology narratives, including decentralized AI applications.