Grayscale has filed to launch a new trust, GBNB, aimed at giving investors exposure to BNB, the native token of the BNB Chain, without requiring direct ownership. The product’s approval depends on Nasdaq completing and gaining clearance for a related regulatory filing.

BNB, formerly known as Binance Coin, is closely linked to Binance, one of the world’s largest cryptocurrency exchanges. The token powers the BNB Chain, which supports decentralized applications, and provides holders with benefits such as trading fee discounts on Binance, as well as payment options for travel bookings and in-store purchases via the Binance Card.

The filing follows a similar BNB ETF proposal from VanEck earlier this year, which remains pending. VanEck later revised its November filing to remove staking, despite offering staking in its recently launched Solana ETF. Grayscale’s proposal likewise excludes staking, reflecting continuing regulatory uncertainty around the practice in the U.S.

While no BNB ETF currently trades in the U.S., European investors can access BNB through 21Shares’ exchange-traded product.

The GBNB filing is part of a broader wave of crypto ETF activity from Grayscale. The firm has also submitted applications for other single-asset crypto ETFs, including a product tied to NEAR, the native token of the NEAR Protocol.