Crypto ETF issuer Grayscale has filed a registration statement for a Binance Coin (BNB) ETF with the U.S. Securities and Exchange Commission (SEC). The firm also becomes the second to file for a BNB ETF after fellow crypto asset manager VanEck.
Grayscale Files To Launch BNB ETF
An SEC filing shows that the crypto ETF issuer has filed to launch a Binance Coin ETF. The fund will list on the Nasdaq under the ticker ‘GBNB’ and will provide institutional investors with spot exposure to BNB, which has ties to the crypto exchange, Binance.
Grayscale listed top crypto exchange Coinbase as the Trust’s prime broker, while the exchange’s custody arm will serve as the Trust’s custodian. Furthermore, the asset manager plans to offer in-kind creation and redemption for the BNB ETF. It also plans to offer staking, enabling investors to earn yields on their investment.
Meanwhile, the crypto ETF issuer has yet to reveal other key details, such as the fund’s management fee and the seed capital. This filing comes just two weeks after Grayscale registered the Trust in Delaware, signaling its intention to offer the crypto ETF.
The asset manager joins VanEck, which already filed for a BNB ETF in the first half of last year. VanEck already filed amendments to its fund and could launch way before Grayscale’s fund does. REX Osprey has also filed for a Binance Coin ETF but under the ’40 Act.
The Binance Coin ETF could be Grayscale’s seventh individual crypto ETF. The asset manager already offers Bitcoin, Ethereum, XRP, Solana, Dogecoin, and Chainlink ETFs. Earlier this week, it also filed to convert its Near Trust into an ETF. The firm also has pending applications for Bittensor and Zcash ETFs.
The Binance Coin price remained largely unchanged amid this BNB ETF filing. TradingView data shows that the altcoin is currently trading at around $887, down from an intraday high above $890.
Source: https://coingape.com/crypto-etf-issuer-grayscale-files-s-1-for-binance-coin-bnb-etf-with-sec/