Grayscale has submitted an application to the US Securities and Exchange Commission (SEC) to introduce a spot BNB exchange-traded fund, representing a major move beyond Bitcoin and Ether as fund managers work to expand regulated cryptocurrency options in the United States.
As per a registration document filed on Friday, the proposed Grayscale BNB ETF aims to directly hold BNB and issue shares intended to mirror the market price of the token, excluding fees and other costs. This fund is planned to be traded on Nasdaq with the ticker symbol GBNB, subject to regulatory approval.
Should it receive authorization, this product would enable US investors to obtain regulated access to BNB without the necessity of holding or securing the token themselves, eliminating the requirement to utilize cryptocurrency wallets or exchanges.
BNB ETF filing signifies transition beyond BTC and ETH
This filing stands out due to BNB’s prominence and significance in the cryptocurrency industry. Currently, BNB ranks as the fourth-largest digital asset by market capitalization, estimated to be around $120.5 billion at the time of the submission.
BNB functions as the native token within the Binance ecosystem, possessing various utilities on the BNB Smart Chain and the Binance platform. The token is utilized for transaction fees, participation in on-chain governance, and discounts on trading fees, among several other uses.
