Grayscale Files NEAR Protocol ETF Application, Sparking Major Regulatory Momentum for Crypto Funds
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 19h ago- Regulatory Application Initiated: Grayscale's formal submission of the S-1 registration statement for the NEAR Protocol ETF to the SEC signifies a strategic expansion beyond Bitcoin and Ethereum products, potentially providing institutional investors with new avenues for blockchain asset investment if successful.
- Impact of Legal Victory: This application follows Grayscale's legal victory against the SEC in 2023, which compelled the regulator to reconsider its Bitcoin ETF conversion application, establishing a legal precedent that may encourage other asset managers to pursue similar paths.
- Positive Market Reaction: Following the filing announcement, NEAR's trading volume and price saw a significant uptick, indicating market confidence in Grayscale's move towards a multi-asset crypto future, with a successful approval potentially unlocking billions in institutional capital for other altcoin ETFs.
- Strategic Technology Choice: Grayscale's selection of the NEAR Protocol as the ETF's underlying asset reflects its focus on decentralized applications and Web3 infrastructure, with NEAR's market capitalization and active developer community providing necessary liquidity and regulatory transparency.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
