Grayscale Files for Spot BNB ETF on Nasdaq Under Ticker GBNB

Grayscale, one of the largest crypto asset managers, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a Binance Coin (BNB) exchange-traded fund (ETF).

If approved, the ETF will trade on the Nasdaq under the ticker GBNB and give institutional investors direct, spot exposure to BNB without needing to hold the token themselves. With this filing, Grayscale becomes the second major firm to pursue a BNB ETF, following VanEck, which submitted its own application in the first half of last year.

Another firm, REX Osprey, has also filed for a BNB ETF, though under the Investment Company Act of 1940, which follows a different regulatory structure. According to the SEC filing, Coinbase will serve as the ETF’s prime broker, while Coinbase Custody will act as the fund’s custodian.

Grayscale Files for BNB ETF With In-Kind Redemptions and Staking Feature

Grayscale also plans to allow in-kind creation and redemption, meaning authorized participants can exchange BNB directly for ETF shares instead of using cash. In addition, the firm intends to offer staking, which could allow investors to earn yield on their holdings — a feature that may attract institutional interest.

However, several important details remain undisclosed. Grayscale has not yet revealed the ETF’s management fee, seed capital, or expected launch timeline. The filing comes just two weeks after Grayscale registered the BNB Trust in Delaware, a common early step for ETF launches.

The proposed BNB ETF would be Grayscale’s seventh single-asset crypto ETF, adding to its existing products tied to Bitcoin, Ethereum, XRP, Solana, Dogecoin, and Chainlink. The firm has also applied to convert its Near Trust into an ETF and has pending filings for Bittensor and Zcash ETFs, showing its continued push to expand beyond Bitcoin and Ethereum.

Despite the announcement, BNB’s price showed little reaction. Market data indicate the token was trading around $887, slightly below its intraday high above $890.