Grayscale has filed to launch a spot exchange-traded fund (ETF) tracking the BNB token, the native asset of the BNB Chain, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Friday.

The proposed fund, named the Grayscale BNB Trust and trading under the ticker “GBNB,” would give investors exposure to BNB without them having to hold the token directly. Grayscale filed a Form S-1 registration statement, the first step toward a spot ETF launch. However, the proposal won’t move forward unless Nasdaq, the intended listing exchange, submits a corresponding 19b-4 form and receives SEC approval.

BNB, once known as Binance Coin, is closely tied to Binance, the crypto exchange giant. The token powers the BNB Chain, a blockchain network that supports decentralized applications. Users who hold BNB receive discounts on trading fees on Binance, and the token is also accepted for travel bookings and in-store payments through the Binance Card.

Grayscale’s filing follows a similar move by VanEck in April, though that application has yet to be approved. VanEck later revised its BNB ETF proposal in November to remove staking, even though it had offered staking in its recently launched Solana SOL$127.43 ETF. Grayscale’s proposal also leaves out staking, a decision that may reflect ongoing regulatory uncertainty around the practice in the U.S.

While European investors can access BNB exposure through 21Shares' BNB ETP, no BNB ETF currently trades in the United States.

The BNB filing adds to a flurry of ETF activity from Grayscale in recent months. The firm has also submitted proposals for other single-asset crypto ETFs, including one tied to NEAR, the native token of the NEAR Protocol.