Grayscale's NEAR ETF filing adds BitGo as custodian

Grayscale Investments filed an amended registration statement for its proposed spot NEAR ETF on June 12, adding BitGo Bank & Trust N.A. as the primary custodian while keeping Coinbase Custody Trust Company in a secondary role.

The revised S-1 filing, which carries SEC Registration No. 333-292834, updates the custody structure from the original January submission. BitGo now holds the primary custodian slot. Coinbase Custody remains on the document as an additional custodian, a change from the earlier version that listed Coinbase as the sole option.

The amendment also tightens language around staking. The filing says the trust may only offer staking-related exposure if U.S. law permits it. Grayscale confirmed that neither the trust, the sponsor, nor the custodians currently stake NEAR tokens.

Updated disclosures on the NEAR Protocol network show a circulating supply of 1.3 billion tokens as of March 31, 2026. The filing pegs NEAR's market capitalization at roughly $1.5 billion and notes the token slipped from 39th to 43rd place in market rankings over the period covered.

Grayscale added Davis Polk & Wardwell LLP attorney Dylan H. Lojac as legal counsel in the amended filing. The document also includes formatting changes tied to regulatory compliance and a new checkbox related to emerging growth company elections.

The filing landed as AI-linked crypto narratives picked up attention. Some of that renewed interest traces to SpaceX's public market debut, which valued the aerospace company at about $1.77 trillion. NEAR has positioned itself as a blockchain network for decentralized AI applications and autonomous agent systems.

The amended registration statement now awaits further SEC review. No timeline has been set for a decision.