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Grayscale has submitted files for tracking Binance’s BNB token in relation to VanEck’s recent application.
The suggested "GBNB" trust would provide investors with access to the native token of the BNB chain without the necessity of owning the tokens directly, although its approval is still dependent on Nasdaq’s filing.
Key points:
- Grayscale has submitted an S-1 to the Securities and Exchange Commission to initiate the Grayscale BNB Trust, a spot ETF designed to track the BNB token under the ticker GBNB.
- The ETF cannot commence trading until Nasdaq files and obtains SEC approval for a related 19b-4 rule amendment to list the product.
- The proposal, which omits staking due to U.S. regulatory ambiguity, follows a comparable but still-pending BNB ETF application by VanEck.
Grayscale has applied to establish a spot exchange-traded fund (ETF) tracking the BNB token, the native asset of the BNB Chain, as per a filing with the U.S. Securities and Exchange Commission (SEC) on Friday.
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The suggested fund, titled the Grayscale BNB Trust and trading under the ticker “GBNB,” aims to provide investors with access to BNB without the need to directly hold the token. Grayscale submitted a Form S-1 registration statement, marking the initial step toward launching a spot ETF. Nevertheless, the proposal will not progress unless Nasdaq, the intended listing exchange, files a corresponding 19b-4 form and secures SEC approval.
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BNB, previously known as Binance Coin, is closely associated with Binance, the prominent cryptocurrency exchange. The token fuels the BNB Chain, a blockchain network that facilitates decentralized applications. Holders of BNB benefit from reduced trading fees on Binance, and the token is also utilized for travel bookings and in-store payments through the Binance Card.
Grayscale’s application comes in the wake of a similar initiative by VanEck in April, although that request has not yet been approved. VanEck subsequently amended its BNB ETF proposal in November to exclude staking, despite having offered staking in its newly launched Solana ETF. Grayscale’s proposal similarly omits staking, a choice that may indicate ongoing regulatory uncertainty regarding the practice in the U.S.
While European investors can gain BNB exposure through 21Shares’ BNB ETP, no BNB ETF is currently available for trading in the United States.
The BNB filing contributes to a surge of ETF activity from Grayscale in recent months. The firm has also put forth proposals for other single-asset crypto ETFs, including one linked to NEAR, the native token of the NEAR Protocol.
