TL;DR:
- CoinShares listed the CBNB staking ETP on the SIX Swiss Exchange, pairing 0% management fees with a projected 0.25% annual staking yield.
- The product is physically backed, with BNB held in custody and staked on BNB Smart Chain, aiming to close the yield gap seen in earlier ETPs.
- CoinShares says rewards flow through NAV automatically, while investors face BNB volatility, counterparty exposure, and staking risks such as illiquidity and slashing.
CoinShares has launched a new exchange-traded product that gives investors listed exposure to Binance Coin while also capturing staking rewards, positioning it as a regulated wrapper that adds yield to BNB exposure. The product trades on the SIX Swiss Exchange under the ticker CBNB and was announced through the firm’s official channels on February 21, 2025. It carries a 0% management fee and targets a projected 0.25% annual staking yield. CoinShares called the debut a pivotal step for regulated European crypto access today, for investors who prefer stock-exchange settlement and institutional custody over wallets.
Mechanics, yield, and guardrails
CoinShares designed the ETP to be a seamless bridge between TradFi access and on-chain yield. Each unit is 100% physically backed: for every share issued, the issuer holds a corresponding amount of BNB in secure, institutional-grade custody so the product’s value tracks the token’s market price. The staking component comes from actively staking the underlying BNB within the BNB Smart Chain ecosystem, then passing a projected 0.25% annual yield to holders. The 0% management fee is positioned to maximize net returns. It addresses a long-standing yield gap where earlier ETPs did not share rewards.
The strategic context is clear: staking rewards are being productized inside regulated market rails. The SIX Swiss Exchange already lists multiple crypto ETPs, and CoinShares’ decision to list there underscores Switzerland’s clearer framework for blockchain-based securities. The report argues that an exchange listing reduces friction for advisors and wealth platforms because clients can buy through existing brokerage accounts, keep holdings in one place, and run portfolio allocation or dollar-cost averaging processes without managing a wallet. Experts also note the 0% fee sets a competitive benchmark for issuers. It broadens choice beyond Bitcoin and Ethereum.
CoinShares says the staking yield is operationally embedded and automatically reflected in NAV. Staking, as described, involves locking tokens to support a proof-of-stake network and earning rewards, but the yield is not guaranteed and will fluctuate with participation rates and protocol rules. The firm handles the technical staking process, then passes net rewards to shareholders after operational costs. The report highlights risk considerations including BNB price volatility, issuer and custodian counterparty exposure, and staking-specific risks such as illiquidity and potential slashing, managed by operational protocols. Investors will watch if CBNB reshapes future ETP designs.
