• Grayscale seeks SEC approval for a spot BNB ETF offering regulated exposure without direct token custody risk control.
• The proposed ETF plans Nasdaq listing with direct BNB holdings and in kind creation for institutional access demand.
• BNB ETF filings show issuer push beyond Bitcoin and Ether as competition grows among crypto fund managers globally.

Grayscale has filed a registration statement with the U.S. Securities and Exchange Commission for a spot BNB exchange-traded fund. The proposed product seeks to track the market price of BNB through direct token holdings. The filing places Grayscale among a small group pursuing regulated BNB exposure in the U.S. market. The fund would trade on Nasdaq under the ticker GBNB, pending regulatory approval.

The filing reflects Grayscale’s continued expansion beyond Bitcoin and Ether products. It also signals growing issuer interest in exchange-linked crypto assets. Market participants now await the SEC’s response to the proposal. The application follows a recent trust registration in Delaware, which often precedes ETF launches.

Structure and Intended Market Exposure

The proposed Grayscale BNB ETF would hold BNB directly and issue shares reflecting its market value. Fees and operating expenses would apply and reduce net asset value over time. The structure allows investors to gain price exposure without managing private keys. It also removes the need to hold tokens on crypto exchanges.

BNB ranks among the largest cryptocurrencies by market capitalization. At the time of filing, its valuation stood near $120 billion. The token underpins the Binance ecosystem and supports activity across multiple products. These include transaction fees on BNB Smart Chain and exchange-related utilities.

The ETF structure targets institutional and regulated investors. It also aligns with growing demand for compliant crypto investment vehicles. If approved, the product would expand U.S. access to non-Bitcoin crypto assets.

Custody, Operations, and Fund Mechanics

Grayscale named Coinbase as the prime broker for the proposed trust. Coinbase Custody would also serve as the fund’s digital asset custodian. The filing outlines plans for in-kind creation and redemption mechanisms. This structure mirrors existing spot Bitcoin and Ether ETFs.

Additionally, the filing indicates plans to enable staking features. This would allow the trust to earn onchain rewards from held BNB. However, the company has not disclosed how staking returns would affect investors. Key details such as management fees and seed capital remain undisclosed.

The absence of fee data leaves cost comparisons open for now. Investors typically assess expense ratios closely when evaluating new ETFs. Further amendments may clarify these elements during the review process.

Competitive Landscape and Broader ETF Strategy

Grayscale becomes the second issuer to pursue a spot BNB ETF in the U.S. VanEck previously filed for a similar product and submitted amended documents. VanEck’s filing may place it further along in regulatory review. REX Osprey has also proposed a BNB-linked product under a different regulatory framework. Rex Osprey filed a BNB staking ETF with the SEC.

Grayscale already offers ETFs tied to Bitcoin, Ether, XRP, Solana, Dogecoin, and Chainlink. The firm has also filed to convert its Near Trust into an ETF. Applications for Bittensor and Zcash ETFs remain under review.

These filings follow strong demand for spot Bitcoin and Ether ETFs. Combined, those products now manage over $100 billion in assets. A BNB ETF would extend regulated access beyond base-layer networks. It would also reflect continued diversification within the U.S. crypto ETF market.