Grayscale has submitted an application to the U.S. Securities and Exchange Commission seeking approval to launch a spot exchange-traded fund that tracks BNB, marking a major step in the asset manager’s expansion beyond Bitcoin and Ether.
According to a registration filing made on Friday, the proposed Grayscale BNB ETF would directly hold BNB tokens and issue shares designed to mirror the cryptocurrency’s market price, after accounting for fees and operating expenses. The fund is intended to trade on Nasdaq under the ticker symbol GBNB, pending regulatory approval.
If cleared by regulators, the product would allow U.S. investors to gain regulated exposure to BNB without having to directly purchase, store, or manage the token on cryptocurrency exchanges.
A filing tied to BNB is notable given the token’s size and role in the digital asset market. At the time of submission, BNB ranked as the fourth-largest cryptocurrency by market capitalization, with a total value of roughly $120.5 billion.
BNB is the native asset of the Binance ecosystem and is widely used across its services. It plays a key role in paying transaction fees on the BNB Smart Chain, participating in on-chain governance, and receiving trading fee discounts on Binance’s platform.
Expanding beyond Bitcoin and Ether
Grayscale’s move is not the first attempt to bring a BNB-linked ETF to the U.S. market. Asset manager VanEck has already submitted its own registration for a spot BNB ETF, including an amended Form S-1 that seeks a Nasdaq listing under the ticker VBNB, placing it further along in the regulatory review process.
Even so, the filing underscores Grayscale’s broader push to expand its range of crypto investment products following the approval and successful launches of spot Bitcoin and Ether ETFs in the United States.
Combined, spot Bitcoin and Ether ETFs now manage more than $100 billion in assets, highlighting strong investor demand for regulated cryptocurrency exposure. A BNB-focused ETF would extend that access beyond base-layer blockchains, offering investors exposure to a token closely linked to one of the largest crypto exchange ecosystems in the world.
