Grayscale Investments has submitted a revised S-1 filing for its proposed spot NEAR ETF, which tracks the prominent AI coin. This move coincides as investor interest grows amid the blockbuster SpaceX IPO frenzy.
Inside Grayscale’s Amended NEAR ETF Filing
Grayscale submitted the revised registration statement on filed Friday, June 12 as Amendment No. 1 to Form S-1. It comes on the heels of the BNB coin ETF amendment.
Moreover, it follows the trust’s earlier registration statement filed in January. It adds the SEC Registration No. 333-292834 to the filing, which was missing in the previous submission.
Custody arrangements marked one of the biggest differences. The initial application lists Coinbase Custody Trust Company, LLC as the sole custodian.
The updated version includes a replacement for Coinbase Custody as the primary custodian with BitGo Bank & Trust N.A. in its place. However, Coinbase Custody will remain as an additional custodian for the Grayscale NEAR ETF.
The asset manager also beefed up the terminology around staking activities. The revised filing makes a clear statement that they will only offer exposure to NEAR staking yield via the ETF only if the US law permits it. It confirmed that neither the trust, sponsor nor the custodians are currently staking NEAR tokens.
With this filing, Grayscale eyes to expand its altcoin ETF line. Recently, it launched the Hyperliquid staking ETF in June.
Meanwhile, the statistics of the NEAR Protocol ecosystem were also updated. The modified filing reveals circulating supply grew to 1.3 billion NEAR tokens as of March 31, 2026, and the market capitalization dropped to $1.5 billion. Also, the filing disclosed that the token’s market ranking has dropped from No. 39 to No. 43.
Of particular note, the amendment also provides for the addition of Davis Polk & Wardwell LLP attorney Dylan H. Lojac as legal counsel. It also included formatting changes for compliance purposes related to the new checkbox for the emerging growth company election.
The SpaceX IPO Factor
The filing comes after crypto narratives related to artificial intelligence are resurfacing, sparked by Elon Musk-led SpaceX’s successful IPO launch. It spurred a surge of interest in aerospace AI-related stocks and digital assets and next-generation technology narratives.
Over the past few months, NEAR has been trying to establish itself as a blockchain that is focused on decentralized AI applications and autonomous agent infrastructure. Now, it is attracting renewed investor interest.
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