Grayscale's recent filing of an S-1 registration statement for a spot BNB ETF marks a significant escalation in the race to bring altcoin-based financial products to traditional Wall Street investors. Filed on January 23, 2026, the proposed fund (intended to trade under the ticker GBNB on Nasdaq) represents a strategic move into the Binance ecosystem, effectively positioning the fourth-largest cryptocurrency as a regulated investment vehicle. While the filing highlights Grayscale’s goal to expand beyond its existing Bitcoin and Ethereum ETFs, it faces a unique regulatory landscape due to the SEC’s ongoing historical scrutiny of the BNB token’s status. If approved, the ETF would provide US investors with a direct, liquid way to gain exposure to the native utility of the BNB Chain without the complexities of managing private keys or exchange-specific wallets #GrayscaleBNBETFFiling #ETFvsBTC $BNB

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