Grayscale Submits Proposal To Launch Second BNB ETF In The U.S. ⋆ ZyCrypto

Grayscale has filed paperwork to add another crypto exchange-traded fund (ETF) to its lineup — this time tracking crypto exchange Binance’s blockchain. Grayscale’s filing, which also leaves out staking rewards, marks the second attempt to bring a BNB ETF to the US market.

Grayscale Files For BNB ETF

Grayscale has asked US regulators for permission to list an exchange-traded fund (ETF) holding BNB.

The asset manager submitted an S-1 document with the Securities and Exchange Commission (SEC) on Friday for a BNB ETF, becoming the second prospective issuer to file for such a fund in the U.S following a similar bid from VanEck in May 2025. 

BNB is the native token for the BNB Chain, launched in 2017 by crypto giant Binance. It’s currently the fourth-biggest crypto by market cap at around $122.7 billion, according to CoinGecko data. Investors use BNB to pay transaction fees on the BNB Smart Chain, participate in on-chain governance, and receive trading fee discounts on Binance, among other use cases.

If approved, the Grayscale BNB ETF would be listed on the Nasdaq exchange and would trade under the ticker symbol GBNB. GBNB aims to give investors regulated exposure to BNB without needing them to custody the token themselves.

According to the regulatory filing, Bank of New York Mellon would serve as the transfer agent, and Coinbase Custody Trust Company, LLC, would serve as the custodian.

Grayscale’s application follows VanEck’s proposal to launch its own BNB ETF, which is still awaiting the SEC’s sign-off. Notably, VanEck quietly scraped staking plans for its BNB product, despite offering staking in its recently launched Solana (SOL) ETF. Grayscale’s proposal also excludes staking, a move that may reflect ongoing regulatory risks around the activity in the United States.

Notably, the Friday filing underscores Grayscale’s broader strategy to expand its roster of crypto investment vehicles following the approval and successful launches of spot Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and XRP ETFs in the US amid a more lenient U.S. regulatory environment for digital assets under the President Trump administration.