Grayscale has filed for a spot Binance Coin (CRYPTO: BNB) ETF on Thursday as BNB is trapped in a three-month symmetrical triangle after crashing 36% from December’s $1,363 peak.
Grayscale’s BNB ETF Details
The fund will trade on Nasdaq under ticker GBNB and will hold actual BNB tokens to track the price of Binance Coin.
Coinbase Global Inc. (NASDAQ:COIN) will handle trading and custody for the ETF, similar to how it operates for Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) spot ETFs already on the market.
Grayscale plans to let large investors create and redeem shares directly using BNB tokens rather than cash.
The fund will also offer staking, allowing investors to earn yield …