VanEck And Grayscale Vie For First-Mover Edge In BNB ETF Race

• VanEck and Grayscale have filed proposed amendments to their spot BNB ETFs with the SEC.
• According to Bloomberg ETF analyst James Seyffart, parallel filings indicate SEC engagement and a possible near-term launch, potentially making BNB the next crypto ETF in the U.S.
• VanEck filed its fifth amendment, while Grayscale filed its second, addressing SEC staff comments on its proposed Nasdaq-listed GBNB product.

VanEck and Grayscale have moved a step closer to launching their proposed spot BNB exchange-traded funds (ETFs), filing new amendments with the U.S. Securities and Exchange Commission (SEC).

Grayscale and VanEck each filed amended S-1 prospectuses with the SEC, and these updates are pointing to a very near-term launch that could see BNB become the next spot ETF in the US, noted Bloomberg ETF analyst James Seyffart on X. 

VanEck's filing is its fifth round of amendments, while the current amendment is the second round for Grayscale since the firm entered the race earlier this year. The amended filing from Grayscale mostly addresses SEC comments and suggests further progress toward a potential listing of the fund, which was proposed to trade on Nasdaq under the ticker GBNB. According to the filing, the creation and redemption process is whereby authorized participants can transact in-kind with BNB or in cash orders in baskets of 10,000 shares.

BNB’s price was trading at $653, down over 1%in the last 24 hours. On Stocktwits, retail sentiment around BNB remained in the ‘bearish’ zone, while chatter stayed at ‘low’ levels over the past day. 

Neither application mentions staking, an omission that reflects ongoing regulatory uncertainty over whether staking yields apply to ETF-held assets, as seen prominently on Wall Street with the launch of the iShares Staked Ethereum Trust (ETHB) and the Bitwise Spot Hyperliquid ETF (BHYP). 

In May 2025, VanEck was the first U.S. asset manager to file for a spot BNB product. Grayscale filed its own S-1 in January 2026 with the intent to convert its existing BNB Trust into an ETF. BNB is the native token of BNB Chain and the main utility asset in the Binance ecosystem, used for trading fee discounts, token launches, and on-chain governance. BNB has a market cap of over $88 billion and is the third-largest crypto asset by market cap, behind Bitcoin (BTC) and Ethereum (ETH), at the time of writing.

Atkins-Era SEC Clears the Runway For Altcoin ETFs

Under SEC Chair Paul Atkins, the agency has gone from its historically slow approach to crypto ETFs to actively clearing the runway after launching “Project Crypto” last year and approving generic listing standards that allow qualifying spot crypto products to skip the lengthy individual review process. Separately, Canary Capital has continued to push its proposal for a staked Tron (TRX) ETF, aiming to bundle Tron staking rewards into a regulated investment vehicle. 

Read also: Bitcoin's Correlation With Nasdaq Hits 2018 Lows, Analysts Clash Over Whether BTC Is Already In A Bear Market

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