Grayscale files for a spot BNB ETF with the U.S. SEC, seeking Nasdaq listing, regulated exposure, and potential staking features.
Grayscale Investments has taken another step toward expanding regulated crypto products in the United States markets. On Jan. 23, 2026, the firm filed a preliminary Form S-1 with the United States SEC. The filing requests permission for the listing of a spot BNB exchange traded fund that tracks the performance of Binance Coin.
Proposed Grayscale BNB ETF Targets Nasdaq Listing Under GBNB
The product proposed is called the Grayscale BNB ETF and targets the access to public trading. According to the filing, Grayscale Investments Sponsors, LLC sponsors the fund. It is incorporated in Delaware and would launch after SEC effectiveness approval.
Grayscale has filed a Form S-1 with the U.S. SEC on Jan. 23, 2026, to register the Grayscale BNB ETF, seeking approval to offer a publicly traded ETF tracking BNB. The fund is sponsored by Grayscale Investments Sponsors, LLC and incorporated in Delaware, with the offering planned… pic.twitter.com/a7IPxKnzqO
— Wu Blockchain (@WuBlockchain) January 23, 2026
Moreover, the ETF will be listed in the Nasdaq under the ticker symbol GBNB. However, the offering cannot be initiated until regulatory clearance is obtained. Therefore, this filing is an early procedural step as opposed to final authorization.
Related Reading: ETF News: VanEck Abandons Staking Feature in Proposed BNB ETF | Live Bitcoin News
Background trends reveal increasing demand for crypto exposure through traditional brokerage accounts that are regulated. Previously approved spot Bitcoin ETFs helped boost institutional involvement throughout digital asset markets. Consequently, asset managers are always going after such structures for other cryptocurrencies such as BNB.
BNB is currently trading within the range of $891.08 as of Jan. 24, 2026, market data. The token saw an intraday-gain of approximately 0.48 per cent in the last 24 hours. These price levels give some context to investor interest around ETF-related developments.
Furthermore, Grayscale is the second major asset manager to pursue a U.S. spot BNB ETF. VanEck had filed a similar one earlier, which is still being reviewed by the SEC. This sequence emphasizes gradual competition between issuers who have first-mover advantages.
Regulatory Review and Market Implications Ahead
Despite progress, more approvals are still needed before public trading can commence. Nasdaq needs to file a separate rule change request of a 19b-4. That filing also requires SEC approval to permit listing and trading activity.
In addition, the holding of physical BNB tokens by the ETF structure is involved. This structure enables investors to access price exposure without the need to maintain wallets and private keys. Coinbase Custody is included in the list of the proposed digital asset custodians.
Notably, the filing provides the possibility of BNB staking features. If approved, staking stands to yield held assets. Such functionality is still rare in crypto ETFs in the U.S. because of regulatory uncertainty.
However, there remain regulatory hurdles that influence the approval timelines. A key issue is the continual debate over whether BNB constitutes a security under U.S. law. This classification question may have an impact on the SEC review outcome.
Market observers comment that regulated exposure of BNB might increase access for investors. Many institutional portfolios are still limited to exchange-traded products. Therefore, approval may help enhance the liquidity and transparency around the BNB trading activity.
At the same time, the SEC has focused on investor protection and market surveillance standards. These requirements have added more time for reviewing past crypto ETF applications. As a result, timelines are still fuzzy.
In conclusion, this filing is a step toward integrating cryptocurrency and traditional finance. It offers a better channel for institutional BNB investment. Ultimately, the SEC’s decision will carry weight throughout the entire landscape of digital assets.
