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Grayscale filed an S-1 to launch a spot BNB ETF with Nasdaq ticker GBNB

Coinbase named prime broker and custodian, with in-kind creation and staking planned

VanEck and REX Osprey already filed competing BNB ETF proposals pending SEC review

Cryptoprowl.com / Grayscale Investments has filed a registration statement with the U.S. Securities and Exchange Commission to launch a spot exchange-traded fund tracking Binance Coin (CRYPTO: $BNB ), marking another step in its effort to broaden its lineup of digital asset ETFs. The filing follows the recent registration of the trust entity in Delaware, showing continued progress toward a possible listing.

According to the filing, the proposed fund is expected to list on the Nasdaq under the ticker symbol GBNB and would provide institutional investors with direct spot exposure to BNB. The filing names Coinbase as the trust's prime broker, while Coinbase Custody is designated to safeguard the fund's underlying assets.

Grayscale also indicated that the ETF would support in-kind creation and redemption, a mechanism commonly used in spot crypto ETFs to allow authorized participants to exchange BNB for ETF shares and vice versa. In addition, the issuer disclosed plans to integrate staking functionality, enabling the trust to generate yield on the BNB it holds.

Competitive Market for BNB ETFs

Grayscale is not the first asset manager to seek regulatory approval for a BNB ETF. VanEck previously filed for a similar product and has already submitted amendments to its application, possibly positioning its fund to launch ahead of Grayscale's proposal. REX Osprey has also filed for a Binance Coin ETF structured under the Investment Company Act of 1940.

If approved, the BNB ETF would form Grayscale's seventh standalone crypto ETF product. The firm already offers exchange-traded funds tied to Bitcoin, Ethereum, XRP, Solana, Dogecoin, and Chainlink. The company recently filed to convert its Near Trust into an ETF and has additional pending filings related to Bittensor and Zcash.

Grayscale's expanding process points to ongoing activity among asset managers seeking to introduce spot crypto ETFs tied to a broader range of digital assets, subject to SEC regulatory review and approval.