In order to start a spot BNB exchange-traded fund, Greyscale has submitted an application to the U.S. Securities and Exchange Commission. This represents a further advancement over its current Ethereum and Bitcoin offerings.
The proposed Greyscale BNB ETF would directly hold BNB tokens and issue shares that, after fees, reflect the token’s market price, according to the filing. The ETF is anticipated to trade on Nasdaq under the symbol GBNB if it is approved.
With the product, American investors would be able to have regulated exposure to Binance’s native token without having to handle wallets or keep cryptocurrency on hand. The registration is a reflection of asset managers’ growing competitiveness to increase the number of spot cryptocurrency ETFs available.
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