Grayscale files S-1 seeking approval for BNB ETF

Grayscale has filed a registration statement with the US Securities and Exchange Commission seeking approval to launch an exchange-traded fund that tracks $BNB, the native token of the $BNB Chain.

According to the filing, the proposed Grayscale $BNB ETF would hold $BNB tokens and aim to reflect the asset’s market price, less expenses. If approved, the fund would trade on the Nasdaq under the ticker GBNB, with Bank of New York Mellon listed as transfer agent and Coinbase Custody serving as custodian.

$BNB is the native token of the $BNB Chain, currently the fourth-largest crypto asset by market capitalization at roughly $120 billion, according to CoinGecko data.

Grayscale is the second asset manager to propose a $BNB-focused ETF after VanEck filed for a similar product in May 2025. The filing comes amid a broader surge in crypto ETF launches as US regulatory conditions have become more favorable toward digital asset investment products.

Funds tracking assets such as Solana, $XRP, Dogecoin, Hedera, and Chainlink have already reached the market. Grayscale has also expanded its own lineup, offering ETFs linked to Bitcoin, Ethereum, $XRP, Dogecoin, and Chainlink, and is seeking to convert its Near-focused trust into an ETF.