Grayscale filed an S-1 registration statement with the U.S. Securities and Exchange Commission on January 23, 2026 for a spot BNB ETF. The move puts the firm on record as pursuing a product tied directly to BNB in the U.S. market.
The filing follows an earlier step taken on January 8, when Grayscale registered the Grayscale BNB Trust in Delaware. This new submission is the key transition from that trust structure toward a formal spot ETF.
ETF structure centers on direct BNB exposure
According to the filing details in the source material, the proposed fund would list on NYSE Arca and hold actual BNB stored in cold wallets on a 1:1 basis. The product is designed to give investors price exposure to BNB without requiring them to buy, hold, or manage the token themselves.
Grayscale is also described as the second major asset manager after VanEck to formally advance a spot BNB ETF application. No approval has been granted so far. SEC review is still pending, and the process could include amendments before any decision is made.
Regulatory sensitivity remains in focus
BNB’s close connection to the Binance ecosystem may create added regulatory scrutiny. The source does not indicate how the SEC will respond, only that approval is not yet in place and the review may take time.
After the news was released, BNB saw a modest short-term move higher, with the token quoted at $890. The filing also adds BNB to a growing list of crypto assets being considered for ETF products, following earlier momentum around BTC, ETH, SOL, and XRP.