Haciyev Reşit 
Grayscale, one of the world’s largest digital asset management firms, has made headlines once again with a notable move in the crypto ETF market. This time, the company has officially launched the process by filing for a spot ETF for an altcoin, marking a significant expansion of its product strategy. According to the filing submitted to the U.S. Securities and Exchange Commission (SEC), Grayscale aims to launch a spot ETF that directly tracks the price of BNB. This initiative is seen as an important development signaling that the spot ETF space could extend beyond Bitcoin and Ethereum.
Grayscale Applies to the SEC for a Grayscale BNB ETF
Grayscale submitted a Form S-1 filing to the SEC today, formally initiating the registration process for the Grayscale BNB ETF. If approved, the fund will trade as a publicly listed exchange-traded fund (ETF) and will directly reflect BNB’s price performance. The fund was established in Delaware, with Grayscale serving as the sponsor. Following SEC approval, the ETF is expected to begin trading on an exchange.
According to the prospectus, the Grayscale BNB ETF will hold BNB assets based on the open-source cryptographic protocol operating on BNB Smart Chain. The value of the ETF shares will be determined by the total amount of BNB held by the fund. The prospectus also notes that, if certain conditions are met, staking rewards may be included in the fund’s performance. This structure suggests that the ETF may offer additional return potential beyond simple price tracking.
Planned Listing on Nasdaq Under the Ticker “GBNB”
Grayscale plans to list the ETF shares on Nasdaq under the ticker symbol “GBNB.” Shares of the fund will be created and redeemed in blocks of 10,000 shares, known as “baskets,” through authorized participants. Transactions may be conducted both in kind (using BNB) and in cash, a structure designed to enhance liquidity and operational flexibility.
The filing also outlines the fund’s key service providers:
- Coinbase will act as the prime broker
- Coinbase Custody Trust Company will provide custody services
- The Bank of New York Mellon will handle transfer and administrative functions
These institutions establish an infrastructure intended to ensure the ETF is managed in line with institutional standards.
Risk Warning for Investors
Grayscale clearly warned investors of potential risks in the prospectus. The fund will not be registered as an investment company under the Investment Company Act and therefore will not be subject to certain legal protections afforded to traditional investment funds. The company also clarified that the ETF’s sole investment objective is to track the price of BNB and that it will not use leverage or derivatives.
Grayscale’s spot ETF application for BNB highlights the growing institutional interest in altcoin ETFs. The SEC’s decision could set an important precedent not only for BNB, but also for future applications involving other altcoins.
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