Investment management company Grayscale has taken a firm step towards expanding its offering of financial products related to crypto assets. Today, January 23, 2026, the company applied to the U.S. Securities and Exchange Commission (SEC) to issue an exchange-traded fund (ETF) based on Binance tokens. The move seeks to demonstrate BNB’s resilience on Wall Street as an asset for institutional investors.
The fund will be called Grayscale BNB Trust and will have the ticker GBNB, according to official documents. This vehicle allows investors to gain exposure to assets without having to directly own the tokens.. To formalize this process, Grayscale filed a Form S-1, the first step toward launching a spot ETF.
However, the proposal cannot proceed unless Nasdaq files a Form 19b-4 and receives approval from the SEC. The document details the inclusion of Bank of New York Mellon, a key partner in strengthening BNB’s resilience on Wall Street, as the transfer agent and Coinbase Custody as the custodian.
BNB market performance
According to a report by CriptoNoticias, the native BNB chain token was one of the assets that best resisted market turmoil in 2025. At the moment, It is the fourth largest crypto asset by market capitalization, with a size of approximately $121 billion. His ability to maintain courage in the midst of panic shows he has the maturity to attract venture capital.
In October 2025, the asset reached an all-time high of $1,370. It is currently trading around $897, 34% below its peak price. Nevertheless, its stability is better than some competitors.
You can understand its current position by comparing it to other assets within the sector. For example, Ethereum’s native cryptocurrency, Ether (ETH), is trading at $2,961. This represents a 40% drop from the all-time high of $4,953 reached in August 2025..
The comparison between BNB and ETH is important because they compete as the native currencies of layer 1 networks in the decentralized applications and decentralized finance (DeFi) space, attracting users and developers with similar value propositions.
Although BNB has been able to remain relatively close to its recent peak, ETH is facing a rather deep correction, showing diminished ability to recover ground in this market cycle. This competitive advantage strengthens the theory that the token is poised to make a decisive leap to the New York Stock Exchange.
BNB ETF competition
Grayscale is not the only entity of interest to this asset. REX Shares – Osprey Funds and VanEck companies also hope to launch their own BNB ETF. It is important to note that there are significant differences between the two strategies. While Grayscale and VanEck’s applications focus exclusively on token prices, only REX Shares and Osprey Funds’ proposals attempt to incorporate staking mechanisms to generate additional income.
The interest from these major executives confirms that BNB’s resilience on Wall Street is not a temporary trend. This asset is closely associated with Binance and is the engine of the network that supports thousands of decentralized applications. If the SEC grants its approval, BNB will become more than just an asset in the crypto world, but an important part of global finance.
(Tag translation) BNB
