Grayscale is seeking to launch a proposed trust known as GBNB, aimed at giving investors exposure to BNB — the native token of the BNB Chain — without the need to hold the cryptocurrency directly. The product’s path to market remains dependent on Nasdaq filing and securing approval for a related rule change.
BNB, formerly called Binance Coin, is closely linked to Binance, one of the world’s largest crypto exchanges. The token serves as the backbone of the BNB Chain, which 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 via the Binance Card.
The filing follows a similar BNB ETF proposal from VanEck earlier this year, which has yet to win regulatory approval. VanEck later amended its application in November to remove staking, even as it included staking in its recently launched Solana ETF. Grayscale’s proposal also excludes staking, a move that likely reflects ongoing regulatory uncertainty around staking in the U.S.
While U.S. investors currently lack access to a BNB ETF, European investors can gain exposure through 21Shares’ BNB exchange-traded product.
The proposed BNB trust adds to a flurry of recent crypto ETF filings from Grayscale. The firm has also submitted applications for other single-asset crypto ETFs, including a product tied to NEAR, the native token of the NEAR Protocol.
