Grayscale has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot BNB exchange-traded fund (ETF), signaling a major expansion beyond Bitcoin and Ether as asset managers race to widen regulated crypto access in the United States.

According to the registration statement, the proposed Grayscale BNB ETF would hold BNB directly and issue shares designed to track the token’s market price after fees and expenses. If approved, the fund would trade on Nasdaq under the ticker GBNB.

The product would allow U.S. investors to gain exposure to BNB through traditional markets without needing to manage crypto wallets or use exchanges, lowering barriers for institutional and retail participants.

BNB ETF Push Highlights Market Expansion

The filing is significant given BNB’s importance in the crypto ecosystem. BNB is currently the fourth-largest cryptocurrency by market capitalization, valued at roughly $120.5 billion at the time of filing.

BNB is the native token of the Binance ecosystem, powering the BNB Smart Chain and offering utilities such as transaction fee payments, governance participation, and trading fee discounts.

A U.S.-listed spot ETF tied to BNB would be one of the first attempts to bring a major exchange-linked token into regulated financial markets.

VanEck Also Targets a BNB ETF

Grayscale is not alone in the race. Asset manager VanEck has also submitted filings for its own BNB ETF, including an amended Form S-1 seeking a Nasdaq listing under the ticker VBNB.

VanEck’s move places it slightly ahead in the regulatory process, showing growing institutional confidence that U.S. regulators may eventually approve ETFs beyond Bitcoin and Ether.

Grayscale Expands Its Crypto ETF Strategy

The BNB filing reflects Grayscale’s broader strategy following the approval of spot Bitcoin and spot Ether ETFs, which now collectively manage over $100 billion in assets.

A spot BNB ETF would push regulated crypto exposure beyond base-layer assets, offering investors access to one of the largest blockchain ecosystems through traditional markets.

While SEC approval is not guaranteed, the filing highlights how asset managers are preparing for a future where crypto ETFs extend well beyond Bitcoin.

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