BNB ETF Race Enters Final Stretch

Parallel Amendments Signal Active Regulatory Dialogue

VanEck and Grayscale have each filed updated registration statements with the U.S. Securities and Exchange Commission for their proposed spot $BNB exchange-traded funds, the latest procedural step in what is shaping up to be the next major crypto ETF contest on Wall Street.

VanEck filed Amendment No. 5 to its Form S-1 for the VanEck BNB ETF, which is set to list on Nasdaq under the ticker VBNB. Grayscale submitted Amendment No. 2 for its proposed spot BNB ETF, planned to trade on Nasdaq under the ticker GBNB.

VanEck was the first U.S. asset manager to propose a spot BNB product, back in May 2025. Grayscale filed its own S-1 in January 2026, with plans to convert its existing BNB Trust into an ETF. VanEck has proposed a 0.39% management fee for VBNB, while Grayscale has yet to disclose a fee for GBNB.

Bloomberg ETF analyst James Seyffart flagged both filings, saying the back-and-forth is a clear sign of regulatory feedback. "Another amended S-1 from [Grayscale] on the BNB ETF... have to guess they are going off feedback from SEC and trying to launch in near future? Could be the next crypto asset to get a spot ETF in the US," Seyffart said.

Staking Excluded, Regulatory Hurdles Remain

VanEck's filing states the trust will not stake BNB at launch, and Grayscale's amended filing similarly says the trust will not engage in staking at the start of the offering. Both products are structured as straightforward price-exposure vehicles for now, with staking left as a potential future consideration pending regulatory clarity.

The SEC previously argued in its lawsuit against Binance and founder Changpeng Zhao that BNB may qualify as a security, adding a different review dynamic compared to Bitcoin and Ethereum ETF applications. Despite BNB being the fourth-largest cryptocurrency by market cap at $87.4 billion, it has yet to be included in the growing list of U.S. spot altcoin ETFs, including those tracking Solana, Litecoin, XRP, and Hyperliquid.

The broader altcoin ETF pipeline continues to grow in parallel. Canary Capital filed Amendment No. 1 to its Canary Staked TRX ETF S-1, formalizing staking as a "secondary investment objective" of the trust, with the sponsor administering a program that earns additional TRX through participation in Tron's proof-of-stake validation process.

Amended S-1s indicate active issuer engagement, not guaranteed approval. The SEC has not indicated a timeline for a decision on either ETF application.

Sources:
The Block: VanEck, Grayscale file fresh BNB ETF amendments
CoinTelegraph: Grayscale, VanEck Amend BNB ETF Applications
The Crypto Times: Grayscale Advances Spot BNB ETF Bid With Updated SEC Filing