Grayscale Registers for U.S. Spot BNB ETF Following VanEck Proposal

Grayscale has registered with the U.S. Securities and Exchange Commission to launch a BNB exchange-traded fund in the U.S. crypto ETF market, which aims to list on Nasdaq, marking an altcoin push beyond Bitcoin and Ethereum ETF funds.

The asset manager submitted its application as a Form S-1 document for a BNB-registered ETF with the state of Delaware on January 23. The proposed fund, named the Grayscale BNB Trust and trading under the ticker “GBNB,” would give investors exposure to BNB without them having to hold the token directly.

According to the Grayscale filing, Coinbase is mentioned as the trust’s prime broker, with Coinbase Custody Trust Company appointed as custodian for the protection of the underlying assets. But the proposal will not move forward unless Nasdaq submits a corresponding 19b-4 form to the SEC and receives its approval.

As the Grayscale BNB spot ETF submission with the SEC is the second attempt, before this, VanEck submitted its application for the BNB ETF in April 2025. Currently, there is no BNB exchange-traded fund that has been approved or listed; both existing proposals are still under SEC review.

With that, the co-founder Changpeng Zhao wrote on X that the move represents, “A small step in helping to make America the Capital of Crypto, by giving access to the 3rd largest crypto,” adding that it expands regulated access to what he described as the world’s third-largest crypto.

BNB Moves Little While Grayscale Registers Two Altcoin ETFs

Following the filing by Grayascale, the BNB price rose from yesterday’s down $883 to $901 in this morning and is currently trading at $890, showing small fluctuations today. As the 24-hour trading volume increases by 2.9%.
Two days before, Grayscale submitted a Form S-1 registration statement with the U.S. Securities and Exchange Commission to convert its Grayscale Near Trust into a spot exchange-traded fund (ETF), as it registered two ETFs in the same week, highlighting its expanding role in the Altcoin ETF market.

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