Grayscale joins BNB ETF race with fresh SEC filing for 'GBNB'

Digital asset investment firm Grayscale is seeking to add another cryptocurrency exchange-traded fund to its roster — this time tracking Binance-linked coin BNB.

On Friday, the firm filed a registration statement with the U.S. Securities and Exchange Commission for the Grayscale BNB ETF, which it says will "hold 'BNB,' which are digital assets based on an open source cryptographic protocol existing on the BNB Smart Chain, comprising units that constitute the assets underlying the Trust’s Shares."

BNB is the native token of the BNB Chain, a blockchain network closely related to Binance, one of the world's largest crypto exchanges. It is currently the fourth-largest crypto by market capitalization at about $121 billion, according to The Block's price page.

If approved, the Grayscale BNB ETF would have the ticker symbol GBNB and would be listed on the Nasdaq Stock Market LLC. The filing lists Bank of New York Mellon as the transfer agent and Coinbase Custody Trust Company, LLC, as the custodian.

Grayscale is the second firm out of the gate to propose launching a BNB ETF following VanEck in May 2025. The proposal comes amid a surge in crypto ETF launches over the past year, fueled by a more favorable U.S. regulatory and political environment for digital assets. Funds tracking tokens such as Solana, XRP, Dogecoin, Hedera, and Chainlink have already come to market.

For its part, Grayscale has listed ETFs following Chainlink, Dogecoin, XRP, Bitcoin, and Ethereum, among others. As of this week, Grayscale is also looking to debut an ETF convert its existing Near-linked closed-end trust into an ETF.