Grayscale has filed with the US Securities and Exchange Commission to launch a spot exchange-traded fund tracking the cryptocurrency BNB. The filing, submitted on Friday, marks one of the asset manager’s largest moves beyond Bitcoin and Ether.

According to the registration statement, the proposed Grayscale BNB ETF would hold BNB directly and issue shares designed to reflect the token’s market value, minus fees and expenses. The fund is intended to trade on Nasdaq under the ticker symbol GBNB, subject to regulatory approval, Cointelegraph reported.

Grayscale Files SEC Approval Spot BNB

If approved, the ETF would allow US investors to gain regulated exposure to BNB without needing to custody the token themselves or hold it on crypto exchanges.

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BNB is the native token of the Binance ecosystem and is used to pay transaction fees on the BNB Smart Chain, participate in onchain governance, and receive trading fee discounts on Binance’s platform. At the time of filing, BNB was the fourth-largest cryptocurrency by market capitalization, valued at $120.5 billion.

Grayscale Joins VanEck BNB ETF Race

Grayscale’s filing follows previous efforts to bring a BNB-linked ETF to the US market. Investment manager VanEck has also submitted a registration statement for a BNB ETF, including an amended Form S-1 seeking a Nasdaq listing under the ticker VBNB, and is further along in the regulatory review process.

The move reflects Grayscale’s strategy to expand its crypto investment offerings after the approval of spot Bitcoin ETFs in the United States. Spot Bitcoin and Ether ETFs now hold more than $100 billion in assets under management, showing strong investor demand for regulated crypto exposure.

A BNB-linked product would provide access to a token closely tied to a major crypto exchange ecosystem, extending investor options beyond base-layer networks.

Crypto ETFs Gain Ground in Costa Rica, Australia, and UK

Costa Rica’s Banco Nacional plans a spot Bitcoin ETF, its first crypto product offered through a bank, priced in USD with a $100 minimum. Internationally, Australia’s ASX launched the VanEck Bitcoin ETF, and the UK’s FCA approved two WisdomTree crypto ETPs, with 21Shares preparing another. These developments reflect growing demand for regulated crypto investment products.