Key Takeaways:
Grayscale submitted an S-1 to the SEC on January 23, 2026, to launch the Grayscale BNB ETF (GBNB) on Nasdaq.
The fund partners with Coinbase Custody and BNY Mellon, supporting in-kind creations and staking rewards.
This filing closely follows the NEAR ETF application, signaling a rapidly expanding “altcoin ETF race” for 2026.
Grayscale Investments has aggressively expanded its 2026 roadmap, officially filing a Form S-1 with the U.S. Securities and Exchange Commission (SEC) on January 23, 2026, to launch the Grayscale BNB ETF. Trading under the proposed ticker GBNB on the Nasdaq, this product represents the first spot BNB ETF filing from the crypto industry’s largest asset manager, potentially opening the third-largest cryptocurrency by market cap to mainstream institutional capital.
Institutional Structure with Staking Capability
According to the S-1 filing, the ETF is designed to reflect the price performance of BNB as tracked by the CoinDesk BNB Reference Rate, less the Trust’s expenses. Crucially, the filing explicitly mentions the intent to support staking rewards, a feature that differentiates the next generation of crypto ETFs from the non-yielding Bitcoin products of 2024.
The operational structure relies on industry-standard partners:
Custodian: Coinbase Custody Trust Co. will hold the underlying BNB assets in cold storage, ensuring institutional-grade security.
Prime Broker: Coinbase Inc. will facilitate trade execution.
Administrator: BNY Mellon will handle fund accounting and transfer agency duties.
The fund is structured to support in-kind creations and redemptions in blocks of 10,000 shares. This mechanism allows Authorized Participants (APs) to exchange actual BNB (or cash) for ETF shares, ensuring tight tracking of the Net Asset Value (NAV) and efficient arbitrage.
Grayscale files S-1 for BNB ETF
Grayscale’s “Altcoin ETF” Offensive
The GBNB filing cements Grayscale’s position as the primary driver of the “Altcoin ETF Wave” of 2026. While competitors like VanEck initiated the process with a BNB filing in May 2025, Grayscale’s entry fundamentally changes the regulatory calculus given its massive scale and historic legal track record against the SEC.
The asset manager’s portfolio strategy has rapidly evolved beyond its flagship live Bitcoin (GBTC) and Ethereum (ETHE) products to include a comprehensive suite of proposed altcoin vehicles. This aggressive roadmap now features active filings for Solana and NEAR, alongside preparations for an XRP trust, culminating in the latest BNB submission.
By moving to list GBNB, Grayscale is effectively validating the BNB Chain not merely as an exchange utility token, but as a critical decentralized infrastructure play. With a DeFi ecosystem commanding over $5 billion in Total Value Locked (TVL) and capturing 25% of global DEX volume, BNB has matured significantly from its origins, presenting a compelling, diversified case for institutional portfolios.
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