$BNB Grayscale’s formal S-1 filing for a spot Binance Coin (BNB) ETF on January 23, 2026, represents a major milestone for the fourth-largest cryptocurrency by market cap. By moving to convert its existing BNB Trust into a spot ETF (ticker: GBNB) on the Nasdaq, Grayscale is following the path it carved for Bitcoin and Ethereum, aiming to provide institutional investors with regulated, direct exposure to the BNB ecosystem. This filing is particularly significant as it includes provisions for staking, potentially allowing the fund to generate yield—a feature that sets it apart from many traditional crypto ETFs. While the SEC's classification of BNB remains a key regulatory hurdle, the move signals growing institutional confidence in the BNB Smart Chain’s utility and its decoupling from the historical regulatory pressures faced by the Binance exchange.

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