VanEck and Grayscale have filed amended registration statements for proposed U.S. spot BNB ETFs, pushing BNB deeper into the next phase of the crypto ETF race after Bitcoin and Ether opened the market for listed digital-asset products.
The VanEck BNB ETF filing, filed May 15 as Amendment No. 5 to its Form S-1, says the trust is expected to list on Nasdaq under the ticker VBNB, subject to approval and notice of issuance. The filing says the trust would hold BNB, value shares through the MarketVector BNB Benchmark Rate and conduct creations and redemptions in cash or in-kind through authorized participants.
Grayscale filed its own Amendment No. 2 on the same date for the proposed Grayscale BNB ETF. The filing says the trust intends to list on Nasdaq under the ticker GBNB and would give investors exposure to BNB through shares backed by BNB held for the trust. It also names BitGo Bank & Trust as custodian and BNY Mellon as transfer agent and administrator.
Neither filing is an approval. Both prospectuses remain preliminary, and both issuers state that shares cannot be sold until the registration statements become effective. Nasdaq would also need to confirm that the shares meet the applicable listing requirements before trading begins.
BNB Moves Into The Next ETF Watchlist
The filings sharpen the market’s focus on BNB as one of the largest cryptoassets still waiting for a U.S. spot ETF decision. BNB recently traded near $654, with CoinGecko ranking it among the largest cryptoassets by market value. That scale gives issuers a liquidity argument, but it does not remove SEC review around custody, pricing, market quality, conflicts and regulatory risk.
The structure also shows how issuers are adapting after earlier ETF approvals. VanEck’s filing says the trust will not stake BNB at launch, although staking could be considered later if the sponsor determines it can be done without undue legal or regulatory risk. Grayscale’s amended filing similarly says the trust will not engage in staking at the start of the offering, meaning initial products would be closer to price-exposure vehicles than yield products.
The latest amendments build on a wider altcoin ETF pipeline that has already included Grayscale’s BNB and Hyperliquid ETF trust push and separate attempts to add yield features to listed crypto funds. Demand for staking inside regulated wrappers remains a live issue after BlackRock filed for a staked ETH ETF, but BNB issuers appear to be keeping the first version simpler while the SEC review continues.
The market read is straightforward: amended S-1s show active issuer engagement, not guaranteed approval. For BNB, the next concrete markers are SEC effectiveness, Nasdaq listing clearance, final fee terms, creation-redemption mechanics and whether the funds launch with enough market-maker support to keep spreads tight against spot BNB liquidity.
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