Grayscale Investments has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot Binance Coin (BNB) Exchange-Traded Fund (ETF). The filing, officially submitted on January 23, 2026, signifies Grayscale's ambition to broaden its crypto ETF offerings beyond Bitcoin and Ethereum.
The proposed ETF, which would list on Nasdaq under the ticker 'GBNB', aims to provide institutional investors with direct exposure to BNB. Grayscale has tapped Coinbase as the Trust's prime broker and custodian. The asset manager intends to offer in-kind creation and redemption for the BNB ETF and also plans to offer staking, potentially enabling investors to earn yields on their investment. However, key details such as the fund's management fee and seed capital are yet to be disclosed.
This move positions Grayscale as the second firm to file for a BNB ETF, following VanEck, who filed in the first half of the previous year and has already submitted amendments to its fund. REX Osprey has also reportedly filed for a Binance Coin ETF under the '40 Act.
Grayscale's filing for a spot BNB ETF mirrors its strategic approach with the Grayscale Bitcoin Trust (GBTC), which successfully transitioned to a spot ETF in early 2024. The company seeks to replicate this model for BNB, the native token of the BNB Chain ecosystem.
The SEC's review process will involve scrutiny of market manipulation concerns, custody solutions, and the classification of the underlying asset. The SEC's prior approval of multiple spot Bitcoin ETFs has established a clearer framework for evaluating crypto ETFs, focusing on surveillance-sharing agreements and custodial practices. Grayscale's BNB ETF filing will test the limits of this framework for an asset like BNB.
Market analysts suggest that a spot BNB ETF could further integrate BNB's price discovery into the traditional financial system, potentially reducing volatility and attracting long-term investors. If approved, a BNB ETF could pave the way for similar products tied to other major cryptocurrencies, potentially leading asset managers like BlackRock, Fidelity, and Ark Invest to accelerate their own crypto ETF strategies.
In addition to the BNB ETF, Grayscale also filed to convert its Near Trust into a spot ETF on January 21, 2026. The proposed ETF would trade on the NYSE Arca under the ticker GSNR and directly hold NEAR tokens, with shares created and redeemed in blocks of 10,000.
Grayscale offers a diverse range of crypto investment solutions for individual, financial advisors, and institutional investors. These include single asset token exposure and thematic exposure. Grayscale's existing crypto ETFs include Bitcoin, Ethereum, XRP, Solana, Dogecoin, and Chainlink ETFs.
Grayscale's expansion into altcoin ETFs reflects a growing institutional recognition of blockchain ecosystems with real-world applications. The SEC's stance on altcoin classification, market surveillance, and liquidity frameworks will be critical in determining the fate of these filings.
