Grayscale Files for Spot BNB ETF, Testing Wall Street’s Appetite for Binance Token

Investment manager Grayscale is moving to expand its crypto-linked financial products, filing an application with the U.S. Securities and Exchange Commission on January 23, 2026, to launch an exchange-traded fund based on the Binance token.

The proposed fund, named the Grayscale BNB Trust, would trade under the ticker GBNB. According to the official document, the vehicle would allow investors to gain exposure to the asset without holding the token directly. To initiate the process, Grayscale submitted a Form S-1, the first step toward launching a spot ETF.

The proposal will not advance unless Nasdaq files a corresponding 19b-4 form that receives SEC approval. The filing names the Bank of New York Mellon as its transfer agent and Coinbase Custody as its custodian, key partners aimed at cementing BNB’s position as an institutional-grade asset on Wall Street.

BNB’s Market Performance

The native token of the BNB Chain was one of the more resilient assets during the market turbulence of 2025. It currently stands as the fourth-largest crypto asset by Market capitalization, at approximately $121 billion. Its ability to hold value during periods of market stress has demonstrated a maturity that could attract institutional capital.

In October 2025, the asset reached an all-time high of $1,370. It currently trades near $897, about 34% below that peak, yet its stability has surpassed some of its key competitors.

BNB has shown greater market strength than ETH. Source: TradingView.

A comparison with Ether (ETH), the native cryptocurrency of Ethereum, highlights its relative position. ETH is trading at $2,961, a 40% decline from its August 2025 peak of $4,953.

The two assets are direct competitors, serving as the native currencies for Layer 1 networks that host a wide range of decentralized applications and DeFi protocols. While ETH has faced a deeper correction, BNB has remained closer to its recent high, reinforcing the argument that the token is prepared for a move onto New York exchanges.

Competition for BNB ETFs

Grayscale is not alone in its pursuit. Firms including REX Shares – Osprey Funds and VanEck are also seeking to launch their own BNB ETFs. However, their strategies differ. The proposals from Grayscale and VanEck focus exclusively on the token’s spot price, whereas the REX Shares and Osprey Funds application aims to incorporate staking to generate additional yield.

The interest from these major asset managers suggests that BNB’s appeal to Wall Street is growing. The token is closely tied to the Binance ecosystem and powers a network supporting thousands of decentralized applications. If the SEC grants its approval, BNB could transition from a crypto-native asset into a fixture of global finance.