[DigitalToday reporter Chi-gyu Hwang] Grayscale has submitted an application to the U.S. Securities and Exchange Commission to launch a spot exchange-traded fund (ETF) tracking BNB, Cointelegraph reported on Thursday.
According to the filing, the Grayscale BNB ETF is designed to hold BNB directly and issue shares based on its market value. If approved, it is expected to trade on Nasdaq under the ticker GBNB. Investors would be able to access regulated exposure to BNB without holding the token directly.
BNB is the native token of the Binance ecosystem and currently ranks fourth by cryptocurrency market capitalisation.
It serves various roles, including discounts on trading fees on the Binance platform, payment of transaction fees on BNB Smart Chain and participation in on-chain governance.
Before Grayscale, VanEck has also submitted registration documents for a BNB ETF.
Chi-gyu Hwang
delight@d-today.co.kr