Grayscale Seeks BNB Spot ETF Approval-Can It Trigger A Breakout?

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 on their BNB holdings—a feature not available in most existing crypto ETFs.

The filing doesn’t disclose management fees or seed capital yet. Grayscale registered the trust in Delaware two weeks ago, signaling it was preparing to file.

The Competition: VanEck And REX Already Filed

Grayscale joins VanEck, which filed for a BNB ETF in the first half of 2025 and has already submitted amendments to its fund. 

VanEck could launch before Grayscale’s product given its head start.

REX Osprey has also filed for a Binance Coin ETF under the ’40 Act, expanding the field of potential BNB spot ETF issuers competing for SEC approval.

The race mirrors the Bitcoin and Ethereum ETF launches, where multiple issuers competed for first-to-market advantage. 

First movers typically capture the largest inflows, making timing critical for asset managers.

BNB Technical Setup: Triangle Apex Breakout Imminent

BNB is up 1%, at the apex of a massive symmetrical triangle that’s been compressing price for over three months since the December peak of $1,363.

The token crashed 36% from that high to a January low of $825, then spent weeks coiling between converging trendlines. 

That setup typically resolves with an explosive move in either direction—the question is which way it breaks.

BNB is trading just above the critical 200 EMA at $883.7, which has provided support throughout January. 

However, price remains below all shorter-term EMAs: 20-day at $903.9, 50-day at $901.4, and 100-day at $910.7—all clustered tightly in the $900-915 zone, creating a resistance ceiling.

Additionally, the Supertrend indicator at $873.1 sits below as support.

Key Levels To Watch

• Upside: Breaking above $915 would escape the triangle’s upper boundary and target $950-1,000. Clearing $1,050-1,100 would represent a significant reversal and confirm the ETF filing is driving buying pressure.
• Downside: The $883.7 200 EMA is critical support. Loss of $873.1 (Supertrend) breaks structure and targets $850-825. Breaking $800 ascending support opens a catastrophic decline to $750-780.

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