Grayscale Files S-1 To Launch BNB ETF Aiming To List On Nasdaq As GBNB

TLDR

• Grayscale filed an S-1 to the SEC to launch a BNB ETF that would trade on Nasdaq as GBNB.
• The proposed ETF aims to track BNB’s market price while accounting for fund expenses.
• Coinbase Custody will secure BNB holdings and BNY Mellon will act as the transfer agent.
• Grayscale is the second asset manager to propose a BNB ETF, after VanEck’s filing in May 2025.

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Grayscale has submitted a registration statement (Form S-1) to the U.S. Securities and Exchange Commission (SEC) for a new exchange-traded fund (ETF) that would track BNB, the native token of the BNB Chain. If approved, the proposed ETF will be listed on the Nasdaq under the ticker symbol GBNB.

This marks the second time an asset manager has sought approval for a BNB-focused ETF, following VanEck’s filing in May 2025. The filing comes as the regulatory atmosphere in the United States grows more favorable toward crypto-based investment products.

Structure and Goals of the Proposed ETF

According to Grayscale’s filing, the ETF would directly hold BNB tokens and aim to reflect their market price, adjusted for operating expenses. The product would provide investors with regulated access to BNB, without requiring them to buy or manage the token themselves.

The Bank of New York Mellon will serve as the fund’s transfer agent and administrator, and Coinbase Custody Trust Company will act as the custodian for the digital assets. These roles are crucial for the secure handling and administration of investor funds and BNB tokens.

BNB and Its Market Position

BNB is the native token of the BNB Chain, which supports decentralized applications and other blockchain services. According to CoinGecko data, BNB is the fourth-largest cryptocurrency by market capitalization, valued at around $120 billion.

Its use cases include transaction fee payments, participation in token sales, and governance activities on the BNB Chain. As of now, BNB is widely used across various DeFi platforms and crypto exchanges, contributing to its growing appeal among institutional and retail investors.

Crypto ETF Momentum in the U.S.

The Grayscale BNB ETF filing arrives during a period of accelerated interest in cryptocurrency ETFs. U.S. regulators have recently approved several ETFs focused on tokens like Bitcoin and Ethereum. ETFs linked to assets such as Solana, XRP, Dogecoin, Hedera, and Chainlink are also either approved or in review.

Grayscale has been expanding its product offerings, with existing ETFs tied to Bitcoin, Ethereum, XRP, Dogecoin, and Chainlink. The firm is also working to convert its trust products, including the Near Protocol Trust, into full ETFs.

Competitive Landscape and Market Impact

Grayscale’s move follows VanEck’s earlier application for a BNB ETF, indicating rising interest from institutional fund managers in BNB exposure. While the SEC has not yet approved any BNB-related ETF, the increasing number of filings shows growing confidence in the changing regulatory landscape.

ETF products allow investors to access crypto markets through traditional brokerage accounts, which can increase exposure and liquidity for digital assets like BNB. Grayscale’s filing is part of a broader trend that could make crypto investments more accessible to U.S. investors.

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