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The competition to bring the first spot BNB exchange-traded fund to the United States market just took a significant step forward. On May 15, two of the largest players in the crypto asset management space—VanEck and Grayscale—submitted amended registration statements to the US Securities and Exchange Commission, signaling active engagement with regulators and potentially moving closer to a product launch.
Here is a comprehensive breakdown of what was filed, what changed, and what it means for the future of altcoin ETFs in America.
The Twin Filings: A Closer Look
VanEck submitted Amendment No. 5 to its Form S-1 registration statement for the VanEck BNB ETF. If approved, the fund is set to list on Nasdaq under the ticker VBNB. VanEck originally filed its S-1 in May 2025 and has since updated the document five times, demonstrating persistent engagement with the SEC review process.
Grayscale, not to be outdone, filed Amendment No. 2 to its own BNB ETF registration statement on the same day. The Grayscale BNB ETF would also trade on Nasdaq, under the ticker GBNB. Grayscale submitted its initial S-1 in January 2026, followed by a first amendment in April 2026, meaning the second amendment arrived just one month later.
Both firms have structured their products to hold BNB directly and list under Nasdaq Rule 5711(d), the exchange’s framework for Commodity-Based Trust Shares. VanEck would price its fund against the MarketVector BNB Index.
Why the Same-Day Timing Matters
The synchronized filing activity caught the attention of Bloomberg Intelligence ETF analyst James Seyffart, who flagged both filings on X. Seyffart noted that the parallel activity suggests both firms are responding to SEC feedback and may be targeting a near-term launch.
Same-day ETF amendments from competing issuers often indicate a shared regulatory catalyst. When the SEC issues comment letters or sets informal deadlines, multiple filers tend to respond in parallel—a pattern observed during the spot Bitcoin ETF approval cycle in late 2023 and early 2024. This dynamic suggests the SEC may be actively reviewing these proposals rather than letting them sit dormant.
Seyffart further speculated that BNB could become the next crypto asset to receive spot ETF approval in the United States, following Bitcoin and Ethereum.
Staking: The Notable Absence
Neither proposal includes staking at launch—a deliberate omission that reflects the current regulatory climate. VanEck removed staking from its filing back in November 2025 due to unresolved US regulatory questions over whether staking yield qualifies as a security.
Both proposals retain conditional staking language for potential future use, but for now, the products are structured as straightforward price-exposure vehicles. This stands in sharp contrast to other altcoin ETF filings that are taking a different tack.
Canary Capital Takes the Opposite Approach
On the same day as the BNB filings, Canary Capital submitted Amendment No. 1 to its Canary Staked TRX ETF S-1. Unlike the BNB proposals, Canary’s amendment formally designates staking as a “secondary investment objective.” The sponsor would run a program earning additional Tron (TRX) through participation in Tron’s proof-of-stake validation process.
The amendment also disclosed service providers that were absent from the original April 2025 filing:
- U.S. Bancorp Fund Services as transfer agent and administrator
- U.S. Bank as cash custodian
- BitGo as TRX custodian
- CSC Delaware Trust Company remains trustee
- Canary Capital Group LLC remains sponsor
The fund’s exchange, ticker, and management fee have not yet been disclosed. TRX was trading at approximately $0.35 at the time of writing.
The Regulatory Hurdles Ahead
Despite the encouraging filing activity, a spot BNB ETF faces unique challenges that Bitcoin and Ethereum did not encounter. The SEC has historically argued in its lawsuits against crypto exchanges that BNB may have been sold as an unregistered security. That unresolved classification question will likely define the approval timeline for both applications.
Additionally, ongoing litigation involving Binance and its founder adds regulatory complexity that the SEC is unlikely to ignore. As Seyffart noted, “The SEC has been deliberate in its approach to crypto ETFs, and BNB faces unique regulatory hurdles.”
The SEC’s generic listing standards process, introduced in September 2025, has facilitated a broader slate of altcoin ETF filings compared with the previous case-by-case review approach. However, that procedural change does not guarantee approval for any particular asset.
A Growing Altcoin ETF Pipeline
The BNB filings arrived amid a rapidly expanding altcoin ETF landscape. The broader crypto ETF pipeline now includes proposals tied to Solana (SOL), XRP, Litecoin (LTC), Hedera (HBAR), Chainlink (LINK), Avalanche (AVAX), Hyperliquid (HYPE), and Tron (TRX).
Earlier in the week, 21Shares launched its Hyperliquid ETF, and Bitwise’s BHYP also began trading on May 16, demonstrating that the market for altcoin-based exchange-traded products continues to mature.
What This Means for Investors
The simultaneous filings from VanEck and Grayscale represent a clear signal that both asset managers remain committed to bringing a spot BNB investment product to market. Their continued investment in multiple amendment rounds suggests neither firm views the regulatory path as closed.
For traditional investors, an approved BNB ETF would provide regulated exposure to the fourth-largest cryptocurrency by market capitalization without requiring direct token custody or crypto exchange accounts. It would also mark a significant expansion of which digital assets are accessible through conventional brokerage platforms.
However, patience remains key. Multiple amendment rounds are common during crypto ETF reviews, and the approval timeline could still take months. The SEC has no fixed deadline to act on S-1 registrations, unlike the 19b-4 exchange rule changes that carry statutory review windows.
The Takeaway
The race for a US spot BNB ETF is far from over, but the recent filing activity from VanEck and Grayscale suggests meaningful progress. Both firms are actively responding to SEC feedback, refining their structures, and positioning for a potential launch.
Whether BNB becomes the next crypto asset to receive spot ETF approval in the United States will depend on how the SEC resolves the outstanding questions around the token’s legal classification and the broader regulatory environment for Binance. For now, all eyes remain on Washington.