hrmmm...well this feels like a lot of worrying over a scarf but hrmmm...
They do make Fraycheck stuff for sewing which is supposed to keep fabric from...well...fraying. That might work. I am not sure if it REALLY is but I have always assumed it is essentially clear nail polish and have just used that to keep things from fraying because I have that in my house and don't have to go to Hancock's for it! (you have NO idea how much i can't ignore pretty fabric!)
you might be able to dip the ends in something like tacky glue too, which usually dries clear.
pretty much any treatment you do though, i would think, is going to create a hard pointy end.
why not embrace the yarn's natural tendancy and go a little bohemian!