Grayscale Investments has moved forward with plans to expand its altcoin product lineup by filing an S-1 registration statement with the U.S. Securities and Exchange Commission for a spot Binance Coin (BNB) exchange-traded fund. The filing, submitted on January 23, 2026, marks a big move for Grayscale’s altcoin strategy for the year. If approved, the product would offer investors regulated exposure to BNB through traditional market infrastructure.
Grayscale Prepares to Launch BNB ETF
Grayscale Investments has submitted a registration filing to the U.S. Securities and Exchange Commission seeking approval for a Binance Coin (BNB) exchange-traded fund. With this move, Grayscale becomes the second crypto asset manager to pursue a BNB ETF, following an earlier filing from rival firm VanEck.
The proposed fund is expected to trade on Nasdaq under the ticker GBNB, giving institutional investors direct exposure to the spot price of BNB, closely associated with the Binance crypto exchange.
Grayscale named Coinbase as the fund’s prime broker, with Coinbase Custody handling asset storage. The firm also plans to support in-kind creation and redemption, and may allow staking, which would let investors generate yield from their holdings.
Also read: Expert Reveals What’s Next For Bitcoin, Ethereum and XRP Prices
The move follows Grayscale’s decision to register the trust in Delaware just two weeks earlier, a step that pointed to the firm’s plans to launch the crypto ETF.
A key hurdle is the SEC’s ongoing review of whether BNB should be classified as a security under U.S. law. In past lawsuits against crypto exchanges, the regulator has argued that BNB was sold as an unregistered security.
Grayscale’s filing is expected to address these concerns with detailed legal analysis and market evidence, making BNB as a utility-driven token used within a decentralized blockchain network.
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