Grayscale Investments filed its third amendment to the S-1 registration statement for its proposed BNB ETF on June 3, 2026, officially designating “GBNB” as the ticker symbol for the fund. The asset manager plans to list the shares on the Nasdaq Stock Market LLC under Nasdaq Rule 5711(d), which governs Commodity-Based Trust Shares. This latest submission marks a continuation of the iterative review process between the firm and the U.S. Securities and Exchange Commission (SEC).
The Grayscale BNB ETF was originally established as a Delaware statutory trust on January 8, 2026. This was followed by an initial S-1 filing on January 23, 2026, as the firm sought to bring a spot investment vehicle for the native token of the BNB Chain to the public market. Bloomberg ETF analyst James Seyffart noted that the amended filing explicitly links the GBNB ticker to the Nasdaq listing and suggests BNB has the potential to become the next digital asset to clear the SEC review process.
The move comes as the competitive landscape for altcoin-based ETFs begins to take shape. Last week, VanEck launched the first U.S. spot BNB ETF on Nasdaq, trading under the ticker VBNB with a management fee of 0.39%. Grayscale has also been active in other altcoin sectors, having launched its Hyperliquid Staking ETF (ticker: HYPG) on Nasdaq on June 3, 2026, featuring a 0.29% management fee. These developments occur as markets adjust to new institutional products, though Bitcoin holds support while ether and XRP face selling pressure during the same period.
Technical specifications of the Grayscale BNB ETF
The third amendment introduced several adjustments to the trust’s structure, most notably naming BitGo Bank & Trust, N.A. as the custodian. This update replaces a January filing that had previously designated Coinbase Custody Trust Company, LLC for the role. The Bank of New York Mellon will handle the backend operations, serving as both the administrator and the transfer agent for the Stamford-based trust.
The fund’s investment objective is for the share value to reflect the BNB held by the trust, referencing the CoinDesk BNB Benchmark Rate after deducting expenses and liabilities. To initialize the offering, the sponsor purchased $100 worth of seed shares on April 22, 2026. This transaction consisted of four shares priced at $25.00 each. Shares in the final product will be issued in baskets of 10,000 units, with creations and redemptions permitted via cash orders or in-kind transactions.
Staking conditions and management fees
While the filing includes a “Staking Condition” provision, Grayscale confirmed that staking will not be enabled when the offering commences. The provision allows for the potential incorporation of staking rewards later, provided certain regulatory and operational conditions are satisfied. Currently, the SEC has not yet authorized automated staking within spot ETF structures, and many expect the CFTC to play a larger role in defining the oversight for such digital asset instruments.
A specific management fee for GBNB has not yet been disclosed in the current registration statement. Analyst James Seyffart highlighted that this detail, along with any potential fee waiver arrangements, remains absent from the latest version. This lack of disclosure is common during the iterative response phase to SEC feedback, during which firms often refine technical language before final price competition begins.
Market performance and open interest shifts
The disclosure of the GBNB ticker coincided with a downturn in the underlying BNB market. On June 3, 2026, BNB was trading at approximately $631.93, representing a 6% decline over the previous 24 hours. This price action followed a rally of more than 13% that occurred in response to the VanEck VBNB launch. Despite this volatility, BNB maintained its position as the fourth-largest digital asset by market capitalization, which was recorded at $118.9 billion on December 31, 2025.
The derivatives market also saw significant movement, as total BNB futures open interest dropped 10% to $1.03 billion. Data from the exchanges shows that open interest fell by 11.23% on Binance and 18.10% on OKX, while Bybit saw a marginal decrease of 0.24%. This shift occurred while the broader Bitcoin holds steady as mid-cap tokens face selling, highlighting a divergent trend between the largest cryptocurrency and altcoin markets.
Removal of potential contribution arrangement
One of the most specific changes in the third amendment was the removal of the “Potential Contribution Arrangement” section. This part of the previous filing had noted that the sponsor was seeking a potential investor to acquire shares through an authorized participant in exchange for BNB tokens. The latest amendment removes this language entirely, though the filing does not provide a specific reason for the change.
By offering both in-kind and cash redemption methods, the trust aims to maintain liquidity and provide a bridge for institutional investors to access the BNB ecosystem. As of late 2025, BNB maintained a 24-hour trading volume of roughly $898.3 million. Grayscale’s continued filings indicate active engagement with the SEC, though the regulator has not yet provided a definitive timeline for when GBNB might be cleared for trading.