Grayscale, VanEck File Amended S-1s for Spot BNB ETFs
L'essentiel
- Grayscale and VanEck have filed amended S-1 registration statements for their spot BNB ETFs, moving closer to potential SEC approval.
- BNB is the fourth-largest crypto by market cap but has not yet seen a US spot ETF, unlike Solana, Litecoin, and XRP.
Résumé généré par IA
Pourquoi c'est important
Asset managers Grayscale and VanEck have submitted amended S-1 registration statements to the SEC for their proposed spot BNB exchange-traded funds. This is a key step in the process for gaining SEC approval for cryptocurrency ETFs in the US. BNB is currently the fourth-largest cryptocurrency by market capitalization.
Asset managers Grayscale and VanEck filed amended S-1 registration statements for their respective spot BNB exchange-traded funds on Friday, bringing the cryptocurrency one step closer to becoming an approved US crypto ETF.
Grayscale filed its second amendment, while VanEck submitted its fifth on Friday. S-1s are one of the main filings that ETF issuers must submit to the SEC for approval, detailing everything from the ETF’s structure and strategy to management fees and risks.
“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,” said Bloomberg ETF analyst James Seyffart.
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 US spot altcoin ETFs, including those tracking Solana (SOL), Litecoin (LTC), XRP (XRP) and Hyperliquid (HYPE).
Source: James Seyffart
Grayscale filed for the Grayscale BNB ETF (GBNB) on Jan. 23, 2026, and has yet to disclose a fee for GBNB. VanEck made its first filing for the VanEck BNB ETF (VBNB) in May 2025 and proposed a 0.39% management fee for VBNB.
Related: Bitcoin market dominance moves above 61%: Will altcoins follow?
The number of altcoin ETFs has grown since the SEC introduced a generic listing standards process in September, replacing the previous case-by-case application review framework.
Wall Street asset managers have also continued to experiment with crypto ETF structures, from staked products and leveraged strategies to futures-linked and multi-asset index funds.
Recent Hyperliquid ETF launch tempered
However, reception to the latest spot altcoin ETF has been lukewarm compared to others before it, with the 21Shares-issued Hyperliquid ETF only attracting $1.2 million in net inflows on Thursday, its opening day.
By contrast, the Bitwise Solana Staking ETF (BSOL) attracted $69.5 million on its opening day in October, while the Canary XRP ETF (XRPC) brought in $245 million a few weeks later on debut in November.
The lion’s share of net inflows for crypto ETFs has remained in Bitcoin (BTC) and Ether (ETH) products, which have amassed $58.4 billion and $11.8 billion since launching in 2024.
US-based Solana ETFs recently crossed the $1 billion milestone, currently sitting at $1.11 billion.
À surveiller
Perspective IA — des possibilités, pas des certitudes
SEC approval for at least one spot BNB ETF.
Probable · En quelques mois
Questions ouvertes
- What specific feedback did the SEC provide that led to the amendments?
- What is Grayscale's proposed management fee for the GBNB ETF?
- When might the SEC make a final decision on the BNB ETF applications?
- How will the market react if the BNB ETF is approved, given the mixed reception of other recent altcoin ETFs?
