Grayscale applies for BNB-tracking ETF in the United States

Grayscale Investments has submitted an S-1 registration to the U.S. Securities and Exchange Commission (SEC) to establish an exchange-traded fund that tracks BNB.

A Form S-1 submitted on Friday indicates that the proposed product is named the Grayscale BNB ETF. The application requests authorization to launch a publicly listed ETF aimed at mirroring the price of BNB, the native token of the BNB Smart Chain ecosystem.

The fund is sponsored by Grayscale Investments and is incorporated in Delaware. The registration statement indicates that the offering will begin only after the SEC deems the filing valid, a customary prerequisite for public share sales.

The first prospectus indicates that the trust will issue shares reflecting fractional beneficial interests, with the share value designed to mirror the performance of BNB.

Similar to other proposed crypto ETFs in the U.S., this product would not engage in active trading or utilize derivatives, but would aim to offer passive exposure to the underlying digital asset.

The BNB ETF application arises as asset managers persist in exploring the limits of U.S. cryptocurrency ETF approvals following the licensing of spot Bitcoin ETFs and, subsequently, spot Ethereum products.

Grayscale applies for BNB tracking

Market participants have progressively regarded these approvals as a possible conduit for further single-asset crypto ETFs linked to prominent blockchain networks.

BNB ranks among the largest digital assets by market capitalization and is integral to transaction fees, staking, and decentralized apps inside the BNB Chain ecosystem.

The SEC will evaluate the registration statement for adherence to disclosure, custody, and market integrity rules. The procedure may entail numerous iterations of feedback and revisions, maybe spanning several months.

The prospectus indicates that the ETF is “subject to completion” and may be amended prior to its activation. It also encompasses conventional risk disclosures, including price volatility, legislative ambiguity about digital assets, and operational risks associated with blockchain networks.

Last week, digital asset investment products experienced a significant resurgence in demand, achieving $2.17 billion in net inflows, the highest weekly amount since October 2025, as reported by CoinShares data.

The majority of those inflows occurred early in the week prior to a decline in sentiment, influenced by escalating geopolitical tensions, increased tariff threats, and new uncertainties regarding U.S. monetary policy leadership.

By Friday, capital flows had reversed, with cryptocurrency investment products experiencing $378 million in outflows due to heightened diplomatic tensions regarding Greenland and fresh apprehensions about global trade policy.