Grayscale filed Amendment No. 2 to its S-1 for a BNB ETF on May 15, with the trust designed to hold BNB and seek a Nasdaq listing under GBNB. The prospectus names BitGo Bank as custodian and BNY Mellon as administrator/transfer agent, with 10,000-share baskets and both in-kind and cash creations/redemptions. This is progress in the ETF process, not approval: staking is off at launch unless conditions are met, and shares cannot trade until the registration statement is effective and Nasdaq confirms listing requirements.

TLDR by @Benthic

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