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Grayscale Files for Spot BNB ETF, Marking Major Step for Binance Coin Investments

According to an SEC Form S-1, Grayscale proposes a spot BNB ETF (GBNB) on Nasdaq, pending a 19b-4 approval; the plan excludes staking amid U.S. regulatory uncertainty and follows VanEck’s pending bid.

BNB
NEAR

Summary

Grayscale filed a Form S-1 with the U.S. SEC to launch Grayscale BNB Trust, a spot ETF tracking BNB under ticker GBNB. Trading requires Nasdaq to submit and obtain SEC approval of a related Rule 19b-4 listing proposal. The filing excludes staking amid U.S. regulatory uncertainty and follows VanEck’s similar, still-pending BNB ETF application, which was revised in November to remove staking. No BNB ETF currently trades in the U.S., though European investors can access 21Shares’ BNB ETP. Grayscale has also proposed other single-asset crypto ETFs, including one tied to NEAR.

Terms & Concepts
  • Form S-1: A registration statement filed with the SEC for new securities offerings; the initial step to register a proposed ETF.
  • Rule 19b-4: An SEC process requiring exchanges like Nasdaq to seek approval for rule changes to list new products, including spot ETFs.
  • Spot ETF: An exchange-traded fund that holds the underlying asset directly rather than using futures contracts.