Grayscale Files for BNB ETF: Key Details and Why It Matters

Grayscale Investments has taken a formal first step toward launching a spot BNB exchange-traded fund by registering a new statutory trust in Delaware, a move that signals growing institutional interest in expanding crypto ETF offerings beyond Bitcoin and Ethereum. While the filing does not yet represent approval or a direct application to the U.S. Securities and Exchange Commission (SEC), it places BNB firmly on the list of digital assets under consideration for regulated investment products in the United States and highlights how quickly the ETF landscape is evolving as regulatory conditions gradually clarify.

This article explains what Grayscale’s BNB ETF filing involves, how it compares with similar efforts from other asset managers, and why it matters for the broader crypto market. It also briefly examines Grayscale’s parallel filing for a HYPE ETF to provide context on the firm’s wider strategy.

What Grayscale Filed in Delaware

On January 8, 2026, Grayscale Investments registered two new statutory trusts in Delaware: the Grayscale BNB Trust and the Grayscale HYPE Trust. These filings were made with the Delaware Division of Corporations, a common jurisdiction for investment vehicles because of its established trust laws and administrative efficiency.

The Grayscale BNB Trust was registered as a domestic statutory trust under a general entity classification and assigned file number 10465871. The trust is administered through CSC Delaware Trust Company, a service provider frequently used for ETF and fund structures.

At this stage, the filing is procedural. It does not involve SEC review, public trading, or a listing venue. Instead, it establishes the legal entity that would later be referenced in a formal SEC registration statement, typically an S-1 filing. That document would include detailed disclosures covering custody, valuation methodology, risks, fees, and how the ETF would track the price of BNB.

This structure mirrors the early steps Grayscale has taken with other crypto products, including those later converted from private trusts to publicly traded ETFs.

Why BNB Is the Focus of This Filing

BNB, launched in 2017, began as a utility token for the Binance exchange and has since become the native asset of the BNB Chain. The network supports decentralized applications, decentralized finance protocols, and NFT platforms, and it ranks among the most active blockchains by transaction volume.

As of January 9, 2026, BNB trades at approximately $892. Its market role is closely tied to the performance and adoption of the broader Binance ecosystem, including on-chain activity and infrastructure development.

Grayscale’s interest in BNB reflects a broader industry shift toward altcoin ETFs following regulatory changes that have reduced procedural barriers. In particular, the SEC’s approval of generic listing standards for certain crypto assets has removed the need for asset-specific rule changes under Section 19(b) of the Securities Exchange Act. This change has encouraged asset managers to explore ETFs tied to non-Bitcoin assets.

The filing also aligns with BNB Chain’s publicly stated 2026 technical roadmap, which includes goals such as sub-second transaction confirmation times and throughput of tens of thousands of transactions per second. For ETF issuers, network performance and stability are relevant factors because they influence liquidity, usage, and long-term viability.

Grayscale’s Track Record With Crypto ETFs

Grayscale is one of the largest digital asset managers globally, overseeing roughly $35 billion in assets under management. The firm already operates nine live crypto ETFs, including products tied to Bitcoin, Ethereum, XRP, and Solana.

Notably, Grayscale has experience converting trust structures into ETFs once regulatory conditions allow. Its Bitcoin and Ethereum products attracted significant inflows after conversion, driven largely by institutional demand for regulated exposure without the operational complexity of direct token custody.

A BNB ETF would follow the same logic. Investors can gain price exposure through traditional brokerage accounts without managing private keys, self-custody, or exchange risk. This model has proven attractive to pension funds, registered investment advisers, and other institutional allocators that are restricted from holding spot crypto assets directly.

How Grayscale Compares to VanEck’s BNB ETF Effort

Grayscale is not the first asset manager to pursue a spot BNB ETF. VanEck formed a Delaware statutory trust for a BNB ETF in April 2025 and subsequently filed an S-1 registration statement with the SEC. VanEck’s trust was formed in March 2025 and proposed listing the ETF on Nasdaq.

That sequence made VanEck the first mover in the U.S. spot BNB ETF race. Grayscale’s filing positions it as a direct competitor, albeit at an earlier stage in the process.

The key difference lies in timing and approach. VanEck has already submitted detailed disclosures to the SEC, while Grayscale is still laying the legal groundwork. However, Grayscale has experience managing altcoin-based products that have operated through volatile market conditions without significant outflows, particularly for assets such as Solana and XRP.

Competition between issuers is likely to influence fee structures, custody arrangements, and investor outreach if and when approval becomes viable.

What a BNB ETF Could Mean for the Market

If approved, a Grayscale BNB ETF would represent another step toward integrating major crypto assets into traditional investment portfolios. Bitcoin ETFs have already demonstrated how regulated products can attract sustained inflows from institutions that previously remained on the sidelines.

For BNB specifically, an ETF could expand the investor base beyond users of the Binance ecosystem and crypto-native platforms. Increased participation from asset managers and retirement accounts would likely deepen liquidity and reduce reliance on offshore exchanges.

However, challenges remain. SEC scrutiny of exchange-linked assets has not disappeared, and comprehensive U.S. crypto legislation is still a work in progress. Approval timelines could extend well beyond initial filings, and conditions attached to approval may influence how such ETFs operate.

Even so, the filing underscores a broader trend: asset managers are preparing for a regulatory environment in which a wider range of crypto assets can be offered through familiar financial products.

Brief Context: The Grayscale HYPE Trust Filing

Alongside the BNB trust, Grayscale also registered the Grayscale HYPE Trust under file number 10465863. The trust targets HYPE, the native token of Hyperliquid, a decentralized perpetuals trading platform that gained attention following a 2024 airdrop.

Compared with BNB, HYPE is a younger, more specialized asset with limited historical data and a narrower use case. Grayscale’s filing signals exploratory interest rather than an imminent ETF launch. Other firms, including Bitwise and VanEck, have also shown interest in HYPE-related products, though details remain sparse.

The parallel filing suggests Grayscale is evaluating both established and emerging assets as it plans its next generation of crypto investment products.

Conclusion

Grayscale’s Delaware registration for a BNB ETF trust is an early but meaningful step in the evolution of crypto exchange-traded funds. While it does not guarantee SEC approval or near-term market impact, it confirms that BNB is being considered alongside other major digital assets for regulated investment exposure.

The filing reflects Grayscale’s broader strategy of preparing products ahead of regulatory shifts, leveraging its experience with trust-to-ETF conversions and altcoin management. It also highlights growing competition among asset managers seeking to define the next phase of crypto ETFs.

As regulatory frameworks continue to develop, the Grayscale BNB Trust stands as a marker of where institutional interest is heading and how the crypto market is gradually aligning with traditional financial structures.

Sources:

• Grayscale: ETFs and ETPs
• Yahoo: Grayscale Advances BNB and Hyperliquid ETF Plans With Delaware Filings
• BeinCrypto: Grayscale Advances BNB and Hyperliquid ETF Plans With Delaware Filings