coindesk.com
Grayscale has filed to launch a spot exchange-traded fund (ETF) tracking the $BNB token, the native asset of the $BNB Chain, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Friday.
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. Grayscale filed a Form S-1 registration statement, the first step toward a spot ETF launch. However, the proposal won’t move forward unless Nasdaq, the intended listing exchange, submits a corresponding 19b-4 form and receives SEC approval.
$BNB, once known as Binance Coin, is closely tied to Binance, the crypto exchange giant. The token powers the $BNB Chain, a blockchain network that supports decentralized applications. Users who hold $BNB receive discounts on trading fees on Binance, and the token is also accepted for travel bookings and in-store payments through the Binance Card.
Grayscale’s filing follows a similar move by VanEck in April, though that application has yet to be approved. VanEck later revised its $BNB ETF proposal in November to remove staking, even though it had offered staking in its recently launched Solana SOL$127.81 ETF. Grayscale’s proposal also leaves out staking, a decision that may reflect ongoing regulatory uncertainty around the practice in the U.S.
While European investors can access $BNB exposure through 21Shares' $BNB ETP, no $BNB ETF currently trades in the United States.
The $BNB filing adds to a flurry of ETF activity from Grayscale in recent months. The firm has also submitted proposals for other single-asset crypto ETFs, including one tied to $NEAR, the native token of the $NEAR Protocol.