BNB to $900? Grayscale’s ETF Filing Just Flipped the Switch on Binance Coin
Grayscale and VanEck Push Spot BNB ETFs as Institutional Demand for Binance Coin Grows
The race to bring Binance Coin into regulated U.S. investment products is heating up, and the implications for BNB’s price trajectory are becoming harder to ignore. A potential move toward $900 per BNB is now being openly discussed in the market after Grayscale officially filed for a spot Binance Coin exchange-traded fund in the United States.
On January 23, 2026, Grayscale Investments submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission, signaling its intention to convert its existing BNB Trust into a publicly traded spot ETF. The filing places Binance Coin among the next wave of major altcoins seeking formal entry into U.S. capital markets, following Grayscale’s earlier application for a spot NEAR ETF.
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| Source: Official S-1 Filing |
While regulatory approval is far from guaranteed, the filing itself has already shifted sentiment. Binance Coin briefly climbed to around $891, gaining roughly 0.11% within 24 hours, as investors reacted to the growing possibility of institutional access. Market participants now see the ETF narrative as a serious demand catalyst rather than speculative noise.
Former Binance CEO Changpeng Zhao also commented publicly, describing the development as a constructive step for the crypto industry. According to Zhao, regulated investment products can help position the United States as a global crypto financial hub, rather than pushing innovation offshore.
What Grayscale’s BNB ETF Filing Really Means
Grayscale’s proposal aims to transform its existing private BNB Trust into a spot ETF that directly holds Binance Coin. Unlike futures-based products, which track derivatives contracts, a spot ETF would reflect the real-time market price of BNB by holding the underlying asset itself.
One of the most closely watched elements of Grayscale’s filing is its inclusion of staking. If approved, the ETF could potentially earn yield from BNB network rewards, adding an income-generating component to a traditional ETF structure. This feature could make the product more attractive to long-term investors seeking both price exposure and passive returns.
For institutional and retail investors alike, a spot BNB ETF would remove many of the operational hurdles associated with self-custody, private keys, and exchange risk. Exposure to Binance Coin would become as simple as buying a stock through a brokerage account.
Why ETFs Have Historically Moved Crypto Markets
The market’s reaction to the BNB ETF filing is grounded in recent history. Spot ETFs have already reshaped demand dynamics for Bitcoin and Ethereum.
When Grayscale’s Bitcoin Trust converted into a spot Bitcoin ETF in January 2024, Bitcoin surged toward $49,000 before entering a volatile consolidation phase. While over $18 billion exited the legacy trust, newly launched spot ETFs attracted more than $10 billion in fresh inflows within months. During this period, capital rotation temporarily pressured altcoins, but the broader effect was long-term validation of crypto as an institutional asset class.
A similar pattern emerged with Ethereum. Ahead of the Grayscale Ethereum Trust conversion in mid-2024, ETH rallied more than 25%. After approval, Ethereum-linked ecosystems saw renewed momentum, reinforcing the idea that ETF approvals often produce ripple effects across the wider market.
For Binance Coin, investors see a comparable setup forming. A regulated spot ETF could unlock pension funds, asset managers, and conservative capital pools that have so far remained sidelined.
VanEck and Grayscale Are Not Rivals, They Are Signals
Grayscale is not alone in the BNB ETF push. VanEck became the first asset manager to file for a spot BNB ETF, submitting its own S-1 application for the VBNB fund in May 2025, nearly eight months before Grayscale’s move.
VanEck later amended its filing to remove staking features, a decision widely interpreted as an attempt to simplify the regulatory review process and improve approval odds. Grayscale, by contrast, appears willing to test the SEC’s evolving stance on staking within ETF structures.
Rather than viewing these firms as competitors, many analysts see their parallel filings as a collective vote of confidence. When multiple large asset managers pursue the same product, it strengthens the narrative that the asset in question is maturing into institutional-grade infrastructure.
This alignment between Grayscale and VanEck significantly improves Binance Coin’s long-term credibility, even if approvals take time.
Can BNB Really Reach $900?
From a market structure perspective, the $900 level is no longer considered unrealistic. Binance Coin already trades near that range, and an ETF approval could create sustained buying pressure rather than short-term speculation.
Spot ETFs introduce persistent demand through automatic portfolio allocations, rebalancing, and long-term holdings. If BNB ETFs follow even a fraction of the inflow patterns seen in Bitcoin and Ethereum products, the supply-demand balance could tighten rapidly.
However, price action will likely remain sensitive to regulatory signals, macro conditions, and broader crypto market sentiment.
Regulatory Risks Still Loom Large
Despite growing optimism, regulatory uncertainty remains the biggest obstacle. Binance’s past legal challenges, including its U.S. settlement in 2023, continue to influence how regulators assess products linked to the exchange’s native token.
The SEC is expected to scrutinize custody arrangements, market integrity, potential manipulation risks, and whether Binance Coin can be clearly classified as a non-security. These factors could extend the review timeline or result in additional conditions for approval.
Still, the regulatory environment is shifting. Under President Donald Trump’s renewed push to position America as a global crypto leader, industry observers believe the odds of approval have improved compared to previous years.
What This Means for the Broader Crypto Market
Beyond Binance Coin, the outcome of these ETF applications could shape the future of altcoin investment products in the United States. Approval would signal that the SEC is willing to expand beyond Bitcoin and Ethereum, opening the door for a new generation of regulated crypto assets.
For now, Binance Coin sits at the intersection of opportunity and scrutiny. The coming months will be critical, not just for BNB’s price outlook, but for the evolution of altcoin ETFs as a whole.
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