Grayscale Investments recently filed for a spot BNB ETF tracking Binance Coin, the native token of the BNB Chain and closely associated with the Binance exchange.
This filing was submitted on January 23, 2026, as a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). This is the initial step toward launching a spot ETF that would provide regulated exposure to the spot price of BNB without direct token ownership or staking in the current proposal, likely due to regulatory considerations.
The proposed ETF would trade on Nasdaq under the ticker GBNB, with Coinbase serving as the custodian and prime broker.The filing follows Grayscale’s earlier registration of a BNB-focused trust in Delaware around January 8, 2026, which often precedes such SEC submissions.
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It comes after similar efforts by other issuers like VanEck which filed earlier in 2025 and has amended its proposal. Note that this is still pending SEC review and approval. The ETF cannot launch until the SEC approves the S-1 and Nasdaq submits/secures approval for a related 19b-4 rule change to list the shares.
Approval is not guaranteed, partly due to ongoing regulatory scrutiny around BNB, its ties to Binance and past SEC actions. The actual filing document (the S-1 prospectus) is publicly available on the SEC’s EDGAR database.
This adds to Grayscale’s expanding lineup of crypto products beyond Bitcoin and Ethereum ETFs, though no BNB ETF is live yet as of late January 2026. Several asset managers have filed for spot Solana (SOL) ETFs with the U.S. Securities and Exchange Commission (SEC), following the successful launches of spot Bitcoin and Ethereum ETFs.
These filings aim to provide regulated, direct exposure to the price of SOL (the native token of the Solana blockchain), with some proposals including staking features to generate yield. The landscape has evolved significantly since initial filings in 2024–2025: Multiple spot Solana ETFs have already launched in late 2025 from issuers like Bitwise, VanEck, 21Shares, Fidelity, Grayscale, and others.
These include staking-enabled products, with some seeing strong initial inflows and trading on exchanges like NYSE Arca or Cboe BZX. However, not all proposals are live yet, and the market has seen mixed flows like occasional net outflows in late 2025.
A notable new entrant in early 2026: Morgan Stanley filed S-1 registration statements on January 6, 2026, for a Morgan Stanley Solana Trust (spot SOL exposure, including staking via third-party providers). This marks the first major U.S. bank to pursue a Solana-specific ETF, following their similar filings for Bitcoin and later Ethereum.
This adds to earlier filings from firms like: VanEck, one of the first in mid-2024, with amendments through 2025; ticker VSOL live with fee waivers initially. 21Shares (Core Solana ETF, live as of late 2025; low fees around 0.21%). Grayscale, Bitwise, Fidelity, Franklin Templeton, Canary Capital some with staking via partners like Marinade, and others—many updated S-1s in 2025 to include in-kind creations/redemptions and staking details.
Several are already trading with Bitwise leading in inflows among Solana products, providing spot exposure and often staking yields— SOL staking typically 6–7% APY, though ETF versions vary by structure and risks like slashing or network issues.
Morgan Stanley’s is in early stages; S-1 filed January, 2026—requires SEC review, effectiveness of registration, and exchange rule changes. No launch date yet; approval isn’t guaranteed but momentum from prior crypto ETFs and regulatory shifts is positive.
Earlier proposals, some from 2025 faced delays due to government shutdowns or amendments, but the pipeline has advanced with many now operational. For the latest Morgan Stanley filing, use the link above or search EDGAR for filings around January 6, 2026. Solana ETFs build on the crypto ETF trend, offering easier access without direct token custody.
Kraken’s DeFi Earn Program will Help Boost Onchain Finance
Kraken recently announced and launched its DeFi Earn program. This new feature allows eligible users to earn up to 8% APY on cash and stablecoins through a simplified, on-chain DeFi experience directly within the Kraken app or platform—no separate wallets, seed phrases, or manual transactions required.
Users deposit fiat cash (e.g., USD) or stablecoins, which are converted to USDC if needed. Funds are then allocated to audited, yield-bearing vaults powered by Veda on the Ink network (an Ethereum L2).
These vaults supply liquidity to established DeFi lending protocols like Aave, Morpho, Sky, and Tydro. Rewards come from real borrower demand, not token incentives and they accrue automatically as USDC added to your Kraken account.
Three strategies with varying risk/reward levels—Balanced, High, and Advanced—offering different max APYs up to 8% as advertised, though current rates may vary; e.g., some vaults showed around 3-4% in recent snapshots.
Rolled out in most U.S. states, the European Economic Area (EEA), and Canada. It’s accessible via Kraken (web/app), Kraken Pro, and the Krak mobile app. Not yet in all jurisdictions—check your account or Kraken’s site for eligibility.
Partners and infrastructure: Vaults managed with risk oversight from Chaos Labs and Sentora. Embedded wallets powered by Privy for seamless on-chain interaction. Transparent fees apply, and withdrawals are typically near-instant but may vary based on protocol liquidity.
This is not a regulated financial product. APY is variable, depends on market conditions, and there’s risk of loss including smart contract risks, liquidity issues, etc. Kraken emphasizes it’s real DeFi yield with centralized ease-of-use. This launch bridges centralized exchanges with decentralized finance, making on-chain earning more accessible to mainstream users.
Kraken’s DeFi Earn program, represents a significant step in bridging centralized finance (CeFi) with decentralized finance (DeFi). By offering up to 8% APY on cash and stablecoins through a user-friendly interface—no wallets, seed phrases, or manual on-chain actions required—it has several notable implications for users, the crypto industry, and broader adoption.
This lowers the entry barrier to DeFi yields. Traditional crypto users on Kraken can now earn real lending interest from protocols like Aave, Morpho, Sky, and Tydro without technical hurdles, making it feel more like a high-yield savings account than complex DeFi farming.
Current advertised max of 8% APY as of launch; actual rates shown around 3-4% in some vaults initially beats typical bank/fintech cash rates (0.5–3.8%) and some competing CeFi earn products. Rewards stem from genuine borrower demand, not temporary token incentives, which could mean more sustainable yields.
While convenient, it’s not regulated—you face genuine DeFi risks: Smart contract vulnerabilities (bugs, exploits). Bad debt/liquidation risk if collateral values drop sharply. Liquidity risk, possible temporary withdrawal delays during stress or high demand. Potential for partial or full loss of principal.
Kraken emphasizes only depositing what you’re comfortable risking, with transparent fees and audits via partners like Chaos Labs and Sentora. Rewards may be taxable as income or capital gains. Withdrawals return as USDC, with near-instant processing under normal conditions. This appeals to conservative holders wanting passive income on idle stable assets without leaving a trusted exchange.
Kraken’s quote—”moving decentralized finance from a hobbyist’s pursuit to a mainstream financial utility”—highlights the goal of onboarding the “next billion users.” By embedding DeFi via partners (Veda for vaults, Privy for wallets, Ink as Ethereum L2), it normalizes on-chain earning for non-technical people, potentially driving more capital into protocols like Aave and Morpho.
This follows similar moves, other exchanges experimenting with wrapped DeFi. It pressures competitors to offer comparable products, accelerating integration of real DeFi yields into centralized platforms while adding centralized oversight (risk monitoring, user alerts on rates/risks).
Availability in major regulated markets (US most states, EEA, Canada) shows careful navigation of rules, but as an unregulated product, it underscores ongoing tensions—DeFi’s permissionless nature vs. CeFi expectations of safety nets. No government protection applies, and it could invite scrutiny if issues arise.
Increased stablecoin deployment into lending could support liquidity and borrowing demand in DeFi. However, if many users flock in, it might temporarily compress yields due to higher supply.
DeFi Earn is a pragmatic evolution: it democratizes access to genuine DeFi returns with CeFi simplicity, but reminds everyone that “higher yield = higher risk.” It’s exciting for passive earners in supported regions, yet demands caution—always review current rates, risks, and only use funds you can afford to expose to protocol-level uncertainties.