Grayscale Investments has taken another step to broaden its lineup of cryptocurrency exchange-traded funds, filing paperwork with U.S. regulators for a fund tied to BNB, the digital asset closely associated with the Binance ecosystem.
In a registration statement submitted Friday to the U.S. Securities and Exchange Commission, Grayscale outlined plans for the Grayscale BNB ETF, which would trade under the ticker GBNB if approved. The proposed fund would directly hold BNB tokens, describing them as digital assets built on an open-source cryptographic protocol operating on the BNB Smart Chain.
BNB is the native token of the BNB Chain, a blockchain network developed in close connection with Binance, one of the world’s largest cryptocurrency exchanges. With a market capitalization of roughly $121 billion, BNB currently ranks as the fourth-largest cryptocurrency globally, according to market data.
Grayscale’s filing names Nasdaq as the intended listing venue, with Bank of New York Mellon set to act as transfer agent and Coinbase Custody Trust Company serving as custodian. The move places Grayscale as the second asset manager to pursue a BNB-focused ETF, following a similar proposal from VanEck earlier this year.
The filing comes during a period of rapid growth in the U.S. crypto ETF market. Over the past year, a more receptive regulatory and political climate has encouraged issuers to roll out funds linked to a wider range of digital assets beyond Bitcoin and Ethereum. ETFs tracking tokens such as Solana, XRP, Dogecoin, Hedera, and Chainlink have already reached the market, signaling broader investor interest in diversified crypto exposure.
Grayscale has been a prominent player in this shift. In addition to its long-standing Bitcoin and Ethereum products, the firm has launched or proposed ETFs tied to assets including Chainlink, Dogecoin, and XRP. It is also seeking approval to convert its existing closed-end trust linked to Near Protocol into an ETF structure.
If approved, the Grayscale BNB ETF would offer investors another regulated way to gain exposure to one of the crypto market’s largest assets, without directly holding the token themselves. While regulatory review timelines remain uncertain, the filing underscores how quickly the crypto ETF landscape is evolving.
As more firms test the boundaries of digital asset investing through traditional financial products, Grayscale’s latest move highlights a continued push to bring a broader range of cryptocurrencies into mainstream portfolios.
