Grayscale Files for Spot BNB ETF as $118B Token Targets U.S. Public Markets

Key Takeaways:

• Grayscale has submitted a Form S-1 to roll out a spot ETF that directly tracks BNB in the United States.
• The proposed fund would consist of BNB, issue shares in large units of creation, and trade on Nasdaq, as GBNB.
• No staking (at least, not yet), as the current regulatory restrictions on yield-generating crypto products.

Grayscale is pushing deeper into single-asset crypto ETFs with a filing centered on BNB, one of the largest digital assets by market value. The move adds momentum to a growing list of altcoin ETF proposals following the launch of spot Bitcoin and Ether products.

Read More: Grayscale Files S-1 for NEAR ETF as $45B Daily Volume Puts NEAR Back on Institutional Radar

Grayscale Moves to Package BNB for U.S. Investors

The proposed Grayscale BNB ETF is structured as a Delaware statutory trust designed to hold BNB directly. The shares are supposed to reflect the value of BNB owned by the trust, less fees and expenses, and leveraged and without derivatives.

BNB is one of the assets held in the crypto market. By the end of December 2025, the total BNB circulation was approximately 137.7 million, market capitalization was approximately $119 billion and the trading volume stood at approximately $900 million per day. According to that scale, BNB is ranked the fourth-largest digital asset in the world.

The ETF would issue shares in blocks of 10,000 through authorized participants, using an arbitrage mechanism to keep prices aligned with net asset value. Shares would trade on Nasdaq under the ticker GBNB, once the SEC review process is completed and a related exchange filing is approved.

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How the ETF Is Structured

Unlike direct token ownership, the ETF is built as a passive vehicle. It holds BNB in custody accounts and prices assets using a reference index derived from major trading platforms. Creation and redemption can occur in-kind with BNB or through cash orders involving liquidity providers.

No Staking, at Least for Now

While the trust agreement allows staking in theory, the current filing blocks any staking activity. Grayscale states that staking can only begin if specific regulatory conditions are met, and there is no timeline for that approval. For now, the ETF is strictly designed to track price performance, not generate yield.

This is a larger trend in the U.S. crypto ETFs, in which staking is a controversial regulatory concern, even though it serves in proof-of-stake networks such as BNB Smart Chain.

Competition and Market Context

Grayscale is not the only organization finding the way to approach BNB. Previously, VanEck also submitted a similar proposal but until now it still has not been approved. Outside the U.S., European investors can already access BNB-linked exchange-traded products, showing the gap U.S. issuers are trying to close.

This filing also reflect the broader strategy of Grayscale. After getting the approval for spot Bitcoin and Ether ETFs, the company has been pushing the filing submission for other several major networks.