Crypto ETF Issuer Grayscale Files S-1 for Binance Coin (BNB) ETF With SEC

Crypto ETF issuer Grayscale has filed a registration statement for a Binance Coin (BNB) ETF with the U.S. Securities and Exchange Commission (SEC). The firm also becomes the second to file for a BNB ETF after fellow crypto asset manager VanEck.

Grayscale Files To Launch BNB ETF

An SEC filing shows that the crypto ETF issuer has filed to launch a Binance Coin ETF. The fund will list on the Nasdaq under the ticker ‘GBNB’ and will provide institutional investors with spot exposure to BNB, which has ties to the crypto exchange, Binance.

Grayscale listed top crypto exchange Coinbase as the Trust’s prime broker, while the exchange’s custody arm will serve as the Trust’s custodian. Furthermore, the asset manager plans to offer in-kind creation and redemption for the BNB ETF. It also plans to offer staking, enabling investors to earn yields on their investment.

Meanwhile, the crypto ETF issuer has yet to reveal other key details, such as the fund’s management fee and the seed capital. This filing comes just two weeks after Grayscale registered the Trust in Delaware, signaling its intention to offer the crypto ETF.

The asset manager joins VanEck, which already filed for a BNB ETF in the first half of last year. VanEck already filed amendments to its fund and could launch way before Grayscale’s fund does. REX Osprey has also filed for a Binance Coin ETF but under the ’40 Act.

Grayscale’s Crypto Offerings Continue To Expand

The Binance Coin ETF could be Grayscale’s seventh individual crypto ETF. The asset manager already offers Bitcoin, Ethereum, XRP, Solana, Dogecoin, and Chainlink ETFs.

Earlier this week, it also filed to convert its Near Trust into an ETF. The firm also has pending applications for Bittensor and Zcash ETFs. These crypto ETF applications come ahead of a potential U.S. IPO this year, as the asset manager already filed an S-1 with the SEC for the public offering.

Meanwhile, Binance founder Changpeng “CZ” Zhao commented on Grayscale’s BNB ETF filing. In an X post, he described the move as a “small step in helping to make America the Capital of Crypto, by giving access to the 3rd largest crypto.”

The Binance Coin price climbed following the BNB ETF filing. TradingView data shows the altcoin is trading around $902, up almost 2% over the last 24 hours. BNB is up over 4% year-to-date (YTD) but down over 3% in the last five days amid the crypto market’s recent downtrend.