Grayscale Moves Beyond BTC and Ether With Proposed BNB ETF
What Did Grayscale File With the SEC?
Grayscale has filed a registration statement with the U.S. Securities and platform Commission to launch a spot platform-traded fund tracking BNB, the native token of the BNB Chain. The filing, submitted on Friday, outlines plans for the Grayscale BNB ETF, which would trade on Nasdaq under the ticker symbol GBNB if approved.
According to the registration statement, the proposed fund would hold BNB directly and issue shares intended to reflect the token’s market value, net of fees and expenses. Grayscale described the underlying assets as digital units “based on an open source cryptographic protocol existing on the BNB Smart Chain.”
The filing lists Mellon as transfer agent and Coinbase Custody Trust Company as custodian. Approval would allow U.S. investors to gain exposure to BNB through a regulated product without holding the token directly or using a crypto platform.
Investor Takeaway
Why a BNB ETF Draws Attention
BNB is the native token of the BNB Chain and sits at the center of the Binance ecosystem. It is used for transaction fees on the BNB Smart Chain, onchain governance participation, and platform. At the time of the filing, by market value, at roughly $120 billion.
That scale makes the filing notable. While regulators have already approved spot ETFs tied to BTC and Ether, products linked to platform-associated tokens raise additional questions about market structure, governance, and dependency on a single corporate ecosystem.
For investors, a BNB ETF would offer price exposure to one of the largest crypto assets without direct custody risk. At the identical time, the token’s close association with Binance may draw closer scrutiny from regulators reviewing whether such exposure fits within existing securities and market oversight frameworks.
How This Fits Into the Broader ETF Landscape
Grayscale is not the first asset manager to pursue a BNB-linked ETF. VanEck filed a registration statement for its own proposed BNB ETF earlier this year and has already submitted an amended Form S-1, placing it further along in the review process.
The new filing adds to a growing list of crypto ETF proposals that go beyond the original focus on BTC and Ether. Over the past year, funds tracking assets such as Solana, XRP, Dogecoin, Hedera, and Chainlink have either launched or entered the regulatory pipeline.
For Grayscale, the BNB filing follows a broader push to convert or launch multiple products tied to individual tokens. The firm already offers ETFs linked to BTC and Ether and has listed products tracking XRP, Dogecoin, and Chainlink. It is also viewking to convert its Near-linked closed-end trust into an ETF structure.
Investor Takeaway
What Comes Next in the Approval Process
The SEC’s review will determine whether a BNB-linked ETF can join the growing roster of spot crypto funds available to U.S. investors. While recent approvals have shown a more open stance toward crypto ETFs, the review of a product tied to an platform-centric token may involve additional analysis.
Market participants will be watching whether the regulator treats BNB as comparable to other large-cap crypto assets or applies a more cautious standard given its ecosystem ties. The outcome could influence not only Grayscale’s proposal, but also future attempts to bring platform-linked tokens into regulated fund structures.
