Ondo Finance Brings Tokenized U.S. Stocks to Solana – Grayscale Files for Near Protocol ETF

Ondo Finance Launches Marketplace for Tokenized Securities

Ondo Finance has expanded its offerings to the Solana blockchain and launched its own marketplace called Ondo Global Markets ^[1]. The platform makes over 200 U.S. stocks and exchange-traded funds available to approximately 3.2 million daily users on Solana ^[1].

The product offering includes blue-chip stocks as well as ETFs related to precious metals such as gold and silver, and sector-specific funds for areas like artificial intelligence or electric mobility ^[1]. According to Ondo, the pricing of tokenized securities is based on public market prices, while settlement is handled entirely through blockchain infrastructure ^[1].

According to the company, it does not rely exclusively on limited onchain liquidity, but rather connects liquidity from major U.S. exchanges such as NASDAQ and the New York Stock Exchange ^[1].

Ian De Bode, President at Ondo Finance, expressed satisfaction with the integration and announced that "thousands of additional assets" are planned to be integrated in the future ^[1].

Positive Market Reaction to Solana Integration

Ondo also benefited from the Solana integration in terms of price performance. In a 24-hour comparison, the coin rose by a good three percent and was trading at $0.34 at the time of reporting ^[1].

Ondo Finance already achieved success in September of last year when the platform was integrated on the crypto exchange Bitget, after the company acquired SEC-licensed broker Oasis Pro in July ^[1]. The trend toward tokenization of real-world assets (RWA) remains popular, with asset manager Amundi venturing into the space alongside BlackRock, arguably the biggest proponent ^[1].

Grayscale Files Near Protocol ETF

Parallel to developments at Ondo Finance, Grayscale Investments has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a Near Protocol (NEAR) Exchange-Traded Fund ^[2]. According to the filed S-1 form, Grayscale plans to convert the Near Trust into an ETF and rename it Grayscale Near Trust ETF ^[2].

This application represents a strategic expansion beyond Bitcoin and Ethereum products and challenges the established regulatory framework for altcoin-based investment vehicles ^[2]. If approved, the application could pave the way for a new era of institutional access to Layer-1 blockchain assets ^[2].

Planned Exchange Listing and Technical Details

If approved, Grayscale plans to list shares under the ticker GSNR, which are currently traded on the OTCQB market, on NYSE Arca ^[2]. Fees and further details are to be announced in a later filing with the SEC ^[2].

CSC Delaware Trust Company serves as trustee, The Bank of New York Mellon assumes the function as transfer agent and administrator, while Continental Stock Transfer & Trust Company acts as co-transfer agent of the trust ^[2]. Coinbase and its custody division will serve as prime broker and custodian ^[2].

In the filing, Grayscale also indicated the possibility of staking. If the staking condition is met, the sponsor plans for the trust to enter into written agreements with the custodian to delegate the trust's NEAR tokens to one or more vetted third-party providers for staking ^[2].

Market Reaction to ETF Application

Following the announcement, the Near Protocol token price rose 3 percent within hours, despite a 1.5 percent decline the previous day, trading at $1.54 with an intraday high of around $1.56 and a low of $1.50 ^[2]. The slight increase occurred despite the overall crypto market losing nearly 2 percent over the last 24 hours to a market capitalization of $3.10 trillion ^[2]. NEAR trading volume also increased by over 14 percent to $211 million, indicating heightened trading activity ^[2].