On Thursday, Grayscale submitted an application for a Binance Coin (BNB) ETF on Nasdaq under the ticker GBNB. BNB has been trading within a three-month symmetrical triangle pattern after plummeting by 36% from its peak of $1,363 in December. The ETF will consist of real BNB tokens to mirror the price movements of Binance Coin. Coinbase Global Inc. (COIN) will oversee trading and custody operations for the ETF, similar to its management of Bitcoin (BTC) and Ethereum (ETH) spot ETFs. Grayscale intends to enable large investors to create and redeem shares directly using BNB tokens instead of cash. Additionally, the fund will provide staking opportunities for investors to generate yield from their holdings.