Grayscale – one of the world's largest digital asset management companies – is continuing to expand its portfolio of cryptocurrency ETFs in the US, this time with a product directly tied to BNB, the core Token of the BNB Chain ecosystem closely associated with the Binance exchange.
According to new registration documents filed with the U.S. Securities and Exchange Commission (SEC), Grayscale proposes the creation of the Grayscale BNB ETF, an ETF that directly holds BNB. In the documents, Grayscale describes BNB as a digital asset built on an open-source cryptographic protocol, operating on the BNB Smart Chain, and these BNB units will serve as the underlying asset backing the fund's shares.
BNB is currently the native Token of the BNB Chain – a blockchain network that plays a central Vai in the Binance ecosystem, encompassing centralized trading, DeFi, Non-Fungible Token , and various Web3 applications. With a market Capital of approximately $121 billion, BNB is among the largest cryptocurrencies globally, ranking only behind Bitcoin, Ethereum, and a few other leading projects. In recent years, BNB has not only been used to reduce transaction fees on Binance but has also become the fuel for thousands of applications running on the BNB Smart Chain.
If approved by the SEC, the Grayscale BNB ETF would trade under the ticker symbol GBNB and be listed on the Nasdaq. The filing also indicates that Bank of New York Mellon would Vai as the transaction agent, while Coinbase Custody Trust Company would be responsible for asset custody – a familiar model Grayscale has used for many other crypto ETFs.
Notably, Grayscale is the second company to propose a BNB ETF, following VanEck, which filed a similar application in May 2025. This move comes amidst a boom in the US cryptocurrency ETF market over the past year, thanks to an increasingly open legal and political environment towards digital assets. After Donald Trump's victory in the late 2024 election and his official return to the White House as president, the US government has sent many signals supporting financial innovation and blockchain, contributing to the impetus for a new wave of crypto ETFs.
