The asset manager has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a spot BNB exchange-traded fund, marking another step in its strategy to broaden institutional access to major digital assets.

The filing follows Grayscale’s recent registration of a BNB-focused trust in Delaware, a procedural move that often signals preparation for a full ETF launch. By submitting the S-1, Grayscale has formally placed its proposal into the SEC’s review pipeline, joining a small but growing group of issuers targeting Binance Coin.

How the Proposed BNB ETF Is Structured

According to regulatory documents, the proposed fund would trade on Nasdaq under the ticker symbol GBNB. The ETF is designed to provide spot exposure to Binance Coin, allowing investors to gain price exposure without directly holding or managing the token themselves.

Grayscale has outlined a familiar operational setup. Coinbase is listed as the prime broker, while Coinbase Custody would be responsible for safeguarding the underlying BNB held by the trust. This mirrors the infrastructure Grayscale uses across several of its existing crypto investment products.

The filing also points to in-kind creation and redemption, a feature increasingly viewed as standard for spot crypto ETFs. In addition, Grayscale has indicated plans to incorporate staking into the fund’s structure, potentially allowing the ETF to generate yield rather than simply track the spot price of BNB. However, specific details on how staking rewards would be handled have not yet been disclosed.

Fees, Timing, and Open Questions

While the filing confirms Grayscale’s intent, several key elements remain unanswered. The company has not yet announced the management fee, seed capital, or a projected launch date. As with other crypto ETFs, the approval timeline will depend heavily on regulatory feedback and broader policy direction from U.S. authorities.

The lack of detail is not unusual at this stage, but it leaves investors with limited visibility on the fund’s final cost structure and competitiveness relative to potential rivals.

Competitive Landscape for a BNB ETF

Grayscale is not the first issuer to pursue a Binance Coin ETF. VanEck previously filed for a similar product and has already submitted amendments, which could put it ahead in the approval queue. Meanwhile, REX Shares and Osprey Funds have taken a different route, proposing BNB exposure under the Investment Company Act of 1940 rather than a traditional spot ETF structure.

If approved, a BNB ETF would become Grayscale’s seventh single-asset crypto ETF, adding to a lineup that already includes Bitcoin, Ethereum, XRP, Solana, Dogecoin, and Chainlink. The firm also has additional filings in progress, reflecting a broader push to turn more digital assets into exchange-traded products.

Market Reaction Remains Subdued

Despite the regulatory significance of the filing, Binance Coin’s price action has remained largely unchanged. BNB traded around $898 following the news, showing minimal movement across short-term timeframes. The muted response suggests that traders see the ETF filing as a long-term development rather than an immediate market catalyst, especially given the uncertain approval timeline.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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Filed under: Bitcoin - @ January 23, 2026 6:21 pm