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- Grayscale seeks U.S. approval to launch a BNB-based exchange-traded fund.
- The proposed ETF plans to list on Nasdaq under the symbol GBNB.
- The filing outlines structure, risks, and market access rules for investors.
Grayscale has taken another step to expand crypto-linked investment products in the United States. The firm filed a Form S-1 with the U.S. Securities and Exchange Commission on Jan. 23, 2026. The filing aims to register the Grayscale BNB ETF.
The product would track the market value of BNB through a publicly traded fund. Trading would begin only after the SEC declares the filing effective. The proposed fund carries the formal name Grayscale BNB ETF Trust.
It operates as a Delaware statutory trust. Grayscale Investments Sponsors, LLC serves as the sponsor. The trust plans to issue shares that reflect fractional beneficial ownership. Each share links its value to the BNB held by the trust.
Grayscale Structure Limits Direct BNB Ownership
This trust exists solely to hold BNB. These are digital assets that are based on the BNB Smart Chain. The structure is similar to the past crypto ETFs filed by Grayscale. Investors will not be able to hold BNB. They will be able to hold shares based on the value of BNB. Expenses and liabilities will impact the value of the shares.
The filing also implies that staking income could also be a part of the returns, but this will only be possible when there are conducive conditions that enable staking under regulatory rules. The trust measures value through a defined index price. It seeks to track real market movements while still being compliant.
The document also outlines a detailed operational plan. The operational plan indicates that there will be a trustee, who is the CSC Delaware Trust Company. The transfer agent and administrator will be The Bank of New York Mellon. The operational plan also indicates that there are two roles played by Coinbase. The first is played by Coinbase, Inc., which will act as a prime broker. The other is played by Coinbase Custody Trust Company, LLC. This company will hold the digital
The trust plans to list its shares on the NASDAQ stock exchange. Its ticker symbol is planned to be “GBNB.” There is no public market for such shares. The trust plans to issue shares on a continuous basis. Share prices vary depending on the BNB value and market demand. It is not possible to purchase shares individually from the trust.
ETF Uses Basket-Based Share Creation
The purchases happen in blocks called baskets. Each basket contains 10,000 shares. Authorized participant firms can create and redeem baskets. Nasdaq has cleared the trust to make transactions through in-kind and cash. In-kind transactions will involve trading shares for BNB.
Material risks are highlighted in the prospectus. Price volatility remains high in crypto markets. Regulatory changes may have an effect on operations as well. Risks such as custody risks, liquidity risks, and technological risks are applicable as well. Investors should check the risks involved before investing.
The company qualifies as an emerging growth company. Emerging growth companies are entitled to lesser reporting obligations. Regulators have not approved or disapproved the offering. They also did not confirm the accuracy of the prospectus. Any statement indicating approval from regulators violates federal law. The company emphasizes the importance of investors.
However, the buyer should rely on their own analysis of the trust and the market for BNB. Market conditions could change at any time. In addition, the trust controls how and where it offers the shares. If regulators approve the ETF proposal, it will mark another important step forward. It will increase access to the market for BNB. In addition to this, it will also be an important indicator for the demand for broader crypto asset products.
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