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Grayscale Investments filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on January 23, 2026 to launch a spot Binance Coin (BNB) ETF — expected to trade on Nasdaq under the ticker “GBNB.” The filing outlines a traditional ETF structure that would hold actual BNB tokens and aim to track BNB’s market price (minus fees) if approved.