Grayscale Files for Spot BNB ETF as Crypto ETF Momentum Builds

Grayscale Investments has taken another step in expanding crypto investment products by filing to launch a spot exchange-traded fund (ETF) tied to BNB, the native token of the BNB Chain. According to a filing with the U.S. Securities and Exchange Commission (SEC) submitted on Friday, the proposed product is called the Grayscale BNB Trust and would trade under the ticker symbol “GBNB.”

The filing was made through a Form S-1 registration statement, which represents the first formal step toward bringing a spot BNB ETF to the U.S. market. If approved, the fund would allow investors to gain exposure to BNB’s price movements without needing to directly purchase or custody the token. However, the ETF cannot proceed unless Nasdaq, the intended listing exchange, submits a corresponding Form 19b-4 and the SEC grants final approval, a process that has proven challenging for crypto-linked ETFs beyond bitcoin and ether.

BNB, formerly known as Binance Coin, plays a central role in the Binance ecosystem. It powers the BNB Chain, a blockchain network designed to support decentralized applications, smart contracts, and digital assets. BNB holders also receive trading fee discounts on Binance and can use the token for payments, including travel bookings and everyday purchases through the Binance Card. These use cases have helped keep BNB among the most widely used crypto assets globally.

Grayscale’s move follows a similar attempt by VanEck, which filed for a BNB ETF earlier this year. That proposal remains under review, and VanEck later amended its application to remove staking features, despite offering staking in its Solana ETF. Grayscale has also excluded staking from its BNB ETF proposal, reflecting continued regulatory uncertainty around staking services in the United States.

While European investors already have access to BNB exposure through products like 21Shares’ BNB ETP, no BNB ETF currently trades in the U.S. The filing adds to a growing wave of crypto ETF applications from Grayscale, which has recently pursued single-asset ETFs linked to tokens such as NEAR, signaling sustained institutional interest in expanding regulated crypto investment options.