Grayscale BNB ETF

Overview

Grayscale Investments, a unit of Digital Currency Group, has filed with the SEC to convert a portion of its existing BNB trust into a spot ETF. Grayscale launched a BNB Trust in 2024, and the ETF filing followed ongoing regulatory clarity around crypto asset classification in the U.S. The firm is one of the largest crypto asset managers globally, with over $20 billion in AUM across its product suite as of early 2025. Grayscale's BNB ETF would compete with other single-asset crypto ETFs, though BNB-specific products remain rare among U.S. issuers. The fund's fate depends on SEC classification of BNB as a commodity rather than a security, a distinction that has created legal uncertainty. If approved, the ETF would hold BNB directly and issue shares that trade on a national exchange. Grayscale operates under New York State BitLicense oversight and has hired legal and compliance teams positioned for regulatory navigation. The BNB ETF would be distributed through Grayscale's existing relationships with broker-dealers and retirement platforms. A separate BNB trust product managed by Grayscale had net assets of approximately $180 million as of mid-2025. Grayscale has been a leading advocate for crypto ETF approval in the U.S., including its successful efforts to convert its Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) into spot ETFs in 2024. The firm would be the first to offer a BNB ETF to U.S. investors if approved.