Grayscale Shakes Up Crypto: Files Form S-1 with SEC to Register BNB ETF

Grayscale just lobbed another grenade into the regulatory arena. The asset manager filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission for a spot BNB exchange-traded fund. This isn't a quiet nod—it's a full-throated charge toward mainstreaming a major altcoin.

The Filing: A Calculated Move

Filing an S-1 is the formal step to register a new security for public trading. For Grayscale, it's a familiar playbook, executed with precision. The move signals serious intent to bring BNB—the native token of the BNB Chain ecosystem—directly to traditional brokerage accounts. It bypasses the need for crypto-native wallets and exchanges, cutting out complexity for the average investor.

Why BNB? Why Now?

The timing is provocative. Regulatory clarity remains a battlefield, not a map. Grayscale's push suggests a bet that the fog is lifting—or that they're willing to be the first through it. BNB's massive existing user base and utility across one of crypto's largest ecosystems makes it a prime candidate for this institutional bridge. It's not just a speculative asset; it's a network token with real, measurable activity—a narrative that might just resonate with skeptical regulators.

The Ripple Effect

Approval would be seismic. It would mark the first spot ETF for a major altcoin beyond Bitcoin and Ethereum, potentially blowing the doors open for a whole new asset class in regulated markets. Expect other asset managers to scramble. Their compliance teams are already working overtime, fueled by cold brew and existential dread.

The Bottom Line

Grayscale isn't asking for permission to play the game; they're submitting the rulebook. This filing pressures the SEC to make a definitive call. A green light accelerates crypto's financial integration. A rejection? It just highlights the growing disconnect between innovative finance and legacy frameworks. One cynical take? Wall Street finally found a use for blockchain—packaging it into a tradable product they can charge fees on. The revolution will be securitized.

Grayscale files for Hedera, Avalanche, and Bittensor ETFs

NEW: @Grayscale files for spot $BNB ETF pic.twitter.com/99JMSovGNp

— James Seyffart (@JSeyff) January 23, 2026

The Form S-1 registration is also a standard requirement for firms before they can sell shares to the public. The Grayscale filing is now awaiting an SEC review for compliance with disclosure, custody, and market-integrity standards. 

According to the filing, the fund is subject to completion and may be revised before becoming effective. It also includes detailed information about the fund’s structure, investment strategy, risk factors, and other regulatory requirements.

The filing revealed that Grayscale plans to issue shares representing fractional beneficial interests. The value of those shares is also intended to reflect BNB’s performance. The ETF follows similar crypto products proposed in the U.S., which WOULD not actively trade or use derivatives.

Grayscale’s BNB ETF comes as U.S. asset managers ramp up efforts to launch crypto ETFs after the successful launch of spot Bitcoin ETFs and spot ethereum products in January 2024. The firm’s interest in a BNB ETF follows the digital asset’s central role in transaction fees, staking, and decentralized applications within the BNB Chain ecosystem.

Grayscale’s initiative follows VanEck’s previous filing for a spot BNB ETF submitted in May, which is pending SEC approval. The BNB ETF will be Grayscale’s 10th crypto-focused ETF, with others tied to Bitcoin, Ethereum, XRP, Solana, and more. The asset manager has also filed for other digital asset ETFs, including Hedera, Avalanche, and Bittensor.

At the time of publication, BNB is trading at $900, up more than 1.5% over the past 24 hours. The 4th-largest digital asset has dropped by 3.38% over the past 7 days but has gained approximately 6.2% over the past month.

Grayscale plans to convert its Near trust into a spot ETF

Grayscale also filed a Form S-1 registration statement with the SEC on Tuesday to convert its Grayscale NEAR Trust into a spot ETF. The trust currently trades on the OTCQB market under the ticker GSNR, managing around $900,000 in assets and has a net asset value of $2.19 per share. 

Cryptopolitan reported that the Coinbase Custody Trust Company will act as custodian for the asset manager’s NEAR holdings. At the same time, the Bank of New York Mellon will serve as administrator and transfer agent. Bitwise also previously filed a Form S-1 for a Near ETF in May last year. The investment firm also filed for 10 additional crypto ETFs last month, including funds tracking AAVE, SUI, STRK, UNI, ZEC, and ENA. Grayscale has previously converted several products into ETFs, including its Digital Large Cap Fund, chainlink Trust, and XRP Trust.

Crypto investment products recorded their strongest weekly total since October 2025, with more than $2.17 billion flowing into the funds. The inflows occurred early in the week before a change in sentiment, driven by heightened geopolitical tensions and U.S. tariff threats.

On-chain data showed that bitcoin ETFs recorded $56.6 million in inflows on Thursday, led by BlackRock’s Bitcoin ETF (IBIT) with $63 million. Crypto funds recorded $378 million in outflows over the previous days, but reversed to positive inflows following U.S. President Donald Trump’s diplomatic meeting in Davos on Wednesday.

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