Grayscale Files for BNB ETF, Expands Crypto ETF Strategy

• Grayscale plans to convert its Near Trust into an ETF, listing it on NYSE Arca for easier investor access.
• Coinbase and BNY Mellon will handle custody and administration, ensuring secure and transparent operations.
• Grayscale continues expanding, now targeting BNB, Hyperliquid, Hedera, Avalanche, and Bittensor ETFs.

Grayscale is stepping up its crypto ETF game by filing with the U.S. SEC on January 23, 2026. The company wants to launch a publicly traded ETF that tracks BNB. The fund is backed by Grayscale Investments Sponsors, LLC and registered in Delaware. It will start offering shares once the SEC gives approval.

Right now, Grayscale’s Near Trust holds about $900,000 in assets and trades at $2.19 per share under the ticker GSNR on the OTCQB market. Grayscale plans to turn this Near Trust into an ETF and list it on NYSE Arca, making it easier for regular investors to buy and trade.

According to the filing, “The Shares are currently quoted on the OTCQB under the ticker symbol ‘GSNR,’ and after the effectiveness of the registration statement, the Trust intends to list the Shares on the NYSE Arca under the symbol ‘GSNR.'” Therefore, one should look forward to an easy transition to a major stock exchange.

Strategic Partnerships and Custody

Grayscale also teamed up with Coinbase to safely hold NEAR tokens, with Coinbase also handling trading operations. The Bank of New York Mellon will manage the paperwork and administration.

These partnerships make the ETF secure and fully compliant with regulations. Plus, the fund won’t use risky strategies like leverage or complex derivatives, giving investors a simple and easy way to invest in NEAR.

Broader Crypto ETF Expansion

Besides the Near ETF, Grayscale formed Delaware statutory trusts for proposed BNB and Hyperliquid ETFs earlier this month. The company is also seeking approval for ETFs on Hedera, Avalanche, and Bittensor.

Consequently, Grayscale joins Bitwise, which filed a Form S-1 for a Near ETF in May 2025, intensifying competition in the crypto ETF space. In 2025, Grayscale converted multiple products, including its Digital Large Cap Fund, Chainlink Trust, and XRP Trust, into ETFs. The firm now offers nine live ETFs.

Markets reflect the broader crypto downturn, with NEAR declining 1.76% over the past 24 hours to $1.54. However, the ETF conversion signals confidence in long-term adoption. Grayscale’s moves demonstrate a clear strategy to expand its regulated crypto offerings while meeting investor demand efficiently.