Grayscale joins BNB ETF race with fresh SEC filing for ‘GBNB’

Grayscale Investments, a leading digital currency asset manager known for its role in the spot Bitcoin ETF market, has officially filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a new investment product focused on Binance Coin (BNB). The proposed offering is named the ‘Grayscale BNB Trust’ and is slated to trade under the ticker GBNB.

This move represents a strategic pivot for Grayscale, moving aggressively beyond the established Bitcoin and Ethereum trusts and diversifying into major altcoins. The filing indicates the Trust would hold BNB directly, providing regulated market access to the token which powers the Binance ecosystem and is utilized for gas fees, staking, and governance.

The entrance of Grayscale into the BNB product space intensifies the competition for crypto investment vehicles and underscores the industry’s push for broader digital asset exposure. However, the path to approval for GBNB is expected to be challenging. Unlike Bitcoin and Ethereum, the regulatory status of BNB remains less defined in the U.S. jurisdiction. Grayscale’s filing effectively tests the regulatory waters regarding the SEC’s stance on altcoin classification, especially those tied to major cryptocurrency exchange platforms. The success of GBNB will likely hinge on the firm’s ability to address centralization concerns and regulatory scrutiny regarding the underlying asset’s status as a non-security.

Source: Grayscale joins BNB ETF race with fresh SEC filing for ‘GBNB’