Grayscale Keeps the Faith in NEAR Despite the Dip – A New ETF Application Signals Strong Belief

You know, I've been following the crypto space closely, and the recent news from Grayscale has really caught my attention. They've just filed with the SEC for a NEAR Protocol spot ETF, and it's quite a statement considering the overall market conditions.

It’s been a rough ride for NEAR, like so many altcoins. Remember the hype around AI in 2022? NEAR shot up to around $20. But then the bear market hit hard, and it plummeted – we’re talking a drop of over 90%! It's been bouncing around the $1.50 to $2.00 range recently.

But Grayscale isn't deterred. They've been on a roll lately, getting approvals for ETFs on XRP, Solana, Dogecoin, Chainlink, and they're also moving forward with BNB and Hyperliquid. It shows they're really capitalizing on the improving regulatory environment in the US. They already have a NEAR Protocol Trust, accessible to a select group of investors, and this move is essentially about converting that existing product into a more widely accessible ETF.

If the SEC gives the green light, this ETF will be listed on the NYSE Arca, which is known for its ETFs and ETPs. That’s a significant step.

What’s really interesting is Grayscale’s groundwork with BNB and HYPE. They’ve been laying the legal foundation in Delaware, setting up investment fund legal entities. This is a pretty clear sign that we’ll likely see ETF applications for those assets coming down the pipeline soon.

It’s a fascinating development, and it suggests that despite the recent downturn, Grayscale sees significant potential in NEAR and other altcoins. It's a positive signal for the market as a whole, showing continued institutional interest even amidst the volatility. I'll be keeping a close eye on this one.