Grayscale Files S-1 for Spot BNB ETF as Altcoin Strategy Expands

Grayscale submits an S-1 for a Binance Coin spot ETF with Coinbase as prime broker and custody, signaling expansion of its altcoin ETF strategy.

Rich by Coin

2026-01-23

Grayscale Investments has filed a spot Binance Coin (BNB) exchange-traded fund (ETF) S-1 with the U.S. Securities and Exchange Commission, signaling an expansion of its altcoin ETF strategy. The filing, submitted on January 23, 2026, would offer investors regulated exposure to BNB through conventional market infrastructure if approved.

Grayscale has named Coinbase as the fund’s prime broker, with Coinbase Custody responsible for asset storage. The firm also plans to support in-kind creation and redemption, and may include staking to generate yield for holders.

The move follows Grayscale’s earlier Delaware trust registration, underscoring the firm’s intent to launch a dedicated crypto ETF. Regulators, however, are examining whether BNB should be treated as a security, a question Grayscale says it will address with detailed legal analysis and market evidence.

VanEck has updated its own BNB ETF filing and remains awaiting approval. In Europe, investors can already gain BNB exposure through a 21Shares ETP, illustrating growing options in single-asset crypto funds. Grayscale’s proposed BNB ETF would join existing Grayscale products linked to Bitcoin, Ethereum, XRP, and other assets, adding to a broader push into regulated crypto investments.