Grayscale and VanEck File Amendments for Spot BNB ETFs

Grayscale Investments and VanEck have submitted updated documents to the U.S. Securities and Exchange Commission for proposed spot Binance Coin exchange-traded funds, filings that renewed market interest in whether BNB could become the next digital asset to win approval for U.S. spot ETF products. The companies, which both proposed listings on Nasdaq, filed amended registration statements on May 16.

Grayscale submitted a second amendment to its Form S-1 for a spot BNB trust, with the proposed ticker GBNB. VanEck filed its fifth amendment to a Form S-1 for its competing spot BNB ETF, proposing the ticker VBNB. The simultaneous updates signaled continued engagement with the SEC’s review process and kept both products in active amendment cycles.

ETF analyst James Seyffart said the filings indicate the SEC’s approach remains deliberate and that BNB faces unique regulatory hurdles. In a separate remark, he described the latest updates as “Definitely movement at the SEC with regard to a potential BNB ETF launch.” Seyffart also noted that additional iterations during crypto ETF reviews are common, though approval timelines can still extend for months.