Grayscale files for BNB ETF, following VanEck’s earlier bid

Grayscale has proposed a new trust, tentatively named GBNB, designed to give investors exposure to BNB — the native token of the BNB Chain — without requiring direct ownership of the cryptocurrency. The product’s launch, however, remains contingent on Nasdaq submitting and securing approval for the necessary rule-change filing.

Formerly known as Binance Coin, BNB is closely linked to Binance, one of the world’s largest cryptocurrency exchanges. The token underpins the BNB Chain, a blockchain network that supports decentralized applications. BNB holders receive trading fee discounts on Binance and can also use the token for payments, including travel bookings and purchases made through the Binance Card.

Grayscale’s move follows a similar BNB ETF filing by VanEck in April, which has yet to receive regulatory approval. VanEck later amended its proposal in November to exclude staking, despite offering staking in its recently launched Solana ETF. Grayscale’s filing likewise omits staking, a choice that may reflect continued regulatory uncertainty around the practice in the United States.

At present, no BNB ETF is listed in the U.S., though European investors can already gain exposure through 21Shares’ BNB exchange-traded product.

The proposed BNB trust adds to a wave of recent ETF activity from Grayscale. In recent months, the firm has also filed for several other single-asset crypto ETFs, including a product tied to NEAR, the native token of the NEAR Protocol.