Could Grayscale’s ETF Filing Push BNB to $900?

Grayscale Investments has formally filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot Binance Coin (BNB) exchange-traded fund (ETF).

The filing, submitted as an S-1 registration statement, positions Grayscale at the forefront of what could become the next major chapter in U.S. crypto ETF expansion following the approval and mainstream adoption of spot Bitcoin and Ethereum ETFs.

The move comes amid a flurry of filings from Grayscale, which has been rapidly diversifying its ETF portfolio beyond Bitcoin and Ethereum. Just this week, the firm also submitted documentation to convert its Grayscale Near Protocol Trust into a spot NEAR ETF.

A Strategic Expansion Beyond Bitcoin and Ethereum

The decision to pursue a BNB ETF points to an increasing willingness of major asset managers to test the SEC’s boundaries on crypto product approvals. 

While Bitcoin and Ethereum ETFs benefited from clearer asset classifications and stronger market infrastructure, BNB introduces new regulatory and political complexity due to its association with Binance — the world’s largest crypto exchange by volume and a recurring target of U.S. enforcement action.

Still, Grayscale appears confident that both demand and market maturity justify the push.

The product, which will trade under the ticker “GBNB,” aligns with Grayscale’s long-term strategy to migrate single-asset trusts into fully regulated exchange-traded products. 

The firm’s recent filings have also included requests for in-kind creations and redemptions and, where permitted, staking features. 

BNB Jumps on ETF Filing

The news injected some optimism into BNB’s price, which is up 0.31% over the past 24 hours, data from CoinCodex shows. This is as the broader crypto market trades in the red on the daily time frame. 

Daily chart for BNB/USDT (Source: TradingView)

The slight uptick in BNB’s price also comes as the altcoin attempts to overcome a short-term negative trend. Data from TradingView show the crypto has been in a downtrend over the past week, but is now trying to break above a bearish trend line.

If BNB is able to overcome that technical barrier, it could open up the room needed to rise to the nearest resistance level at $950. Continued buy pressure at this point might then even boost the altcoin’s value to as high as $1,015 in the short term.

However, a rejection from the negative trendline could result in a continuation of the bearish trend. In this alternative scenario, BNB might test the $870 support level. Breaking below this point might then see the crypto plummet all the way down to $785.

Technical indicators on the daily chart show bears have the upper hand over bulls. The Moving Average Convergence Divergence (MACD) line is trading below the MACD Signal line, which is a classic sign of bearish momentum.

Meanwhile, the Relative Strength Index (RSI) line is trading below its Simple Moving Average (SMA) line, which suggests that sellers are currently stronger than buyers. 

According to renowned pseudonymous trader and analyst Elja, BNB is preparing for a new run. The analyst predicted that this rally will begin in February. 

“Its only a game of patience now,” Elja said in X post to his more than 777K followers..