Grayscale has submitted a registration statement to the US Securities and Exchange Commission seeking approval for a spot BNB exchange-traded fund. The filing was made on Friday and represents the asset manager’s move to expand its crypto ETF lineup beyond Bitcoin and Ether products.
NEWS: @Grayscale files form S-1 with the SEC for a potential spot $BNB ETF.
pic.twitter.com/HrhIQZD7up
— Binance.US
The proposed Grayscale BNB ETF would hold BNB tokens directly and issue shares designed to track the token’s market value minus fees and expenses. If approved, the fund would trade on Nasdaq under the ticker symbol GBNB.
The product would provide US investors with regulated access to BNB without requiring them to hold the token on crypto exchanges or manage custody themselves. Bank of New York Mellon is listed as the transfer agent while Coinbase Custody Trust Company will serve as custodian.
BNB currently ranks as the fourth-largest cryptocurrency by market capitalization with a total value of approximately $121 billion. The token functions as the native asset of the BNB Chain blockchain network, which maintains close ties to Binance, one of the world’s largest crypto exchanges.
The token serves multiple purposes within the Binance ecosystem. Users can pay transaction fees on the BNB Smart Chain with the token and participate in onchain governance decisions. BNB holders also receive trading fee discounts on Binance’s platform.
Grayscale is not the first firm to pursue a BNB ETF in the US market. VanEck submitted its own registration statement for a BNB ETF in May 2025, including an amended Form S-1 seeking a Nasdaq listing under ticker VBNB.
VanEck’s proposal sits further along in the regulatory review process compared to Grayscale’s recent filing. Both firms are competing to bring the first BNB-linked ETF to US investors.
The filing comes during a period of increased crypto ETF activity in the United States. The regulatory and political environment for digital assets has become more favorable over the past year.
Several crypto ETF products have already launched tracking various tokens. These include funds following Solana, XRP, Dogecoin, Hedera and Chainlink.
Grayscale currently offers ETFs tracking multiple cryptocurrencies including Chainlink, Dogecoin, XRP, Bitcoin and Ethereum. The firm is also working to convert its existing Near-linked closed-end trust into an ETF format.
Spot Bitcoin and Ether ETFs have proven successful in attracting investor interest. These products together hold more than $100 billion in assets under management.
A BNB ETF would extend regulated crypto exposure beyond base-layer blockchain networks. The product would offer access to a token tied directly to a major crypto exchange ecosystem.
The Grayscale BNB ETF filing indicates the fund would be structured to reflect BNB’s market value while accounting for operational fees and expenses. Trading would occur through traditional brokerage accounts if the SEC grants approval.
The post Grayscale Takes On VanEck in Race for First US BNB ETF Approval appeared first on CoinCentral.
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