Grayscale Investments filed an S-1 registration statement with the Securities and Exchange Commission on Thursday for a spot (BNB) exchange-traded fund.

The document confirms the asset manager's intent to offer regulated exposure to Binance Chain's native cryptocurrency.

The filing follows Grayscale's January 8 Delaware trust registration for the BNB ETF. That procedural step typically precedes formal SEC applications for cryptocurrency investment products.

Grayscale Enters Established Race

VanEck became the first firm to file for a U.S. spot BNB ETF in May 2025. The competing application initially included staking provisions but VanEck removed that feature in a November amendment, citing regulatory uncertainty around BNB's classification.

Grayscale manages approximately $35 billion in cryptocurrency assets across multiple ETFs. The firm currently operates products tracking Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Chainlink (LINK), and Dogecoin (DOGE). On January 20, Grayscale filed to convert its NEAR Protocol (NEAR) trust into an ETF.

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Regulatory Context

The SEC approved generic listing standards for commodity-based trust shares in September 2025. That rule eliminated asset-specific approval requirements, accelerating the ETF review process for qualifying digital assets.

BNB traded near $884 at the time of writing with a market capitalization exceeding $120 billion. The token launched in 2017 through an initial coin offering and serves as the primary utility token for the BNB Chain ecosystem.

More than 70 altcoin ETF applications currently await SEC review. The regulatory body has delayed multiple decisions in recent weeks, declining to provide clear timelines for pending cryptocurrency product approvals.

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