VanEck and Grayscale submitted updated filings for spot BNB ETFs as competition for altcoin ETF approvals intensifies.
Crypto News
VanEck and Grayscale each filed updated registration statements with the US Securities and Exchange Commission (SEC) on May 16 for separate spot BNB (BNB) ETF proposals. Bloomberg Intelligence ETF analyst James Seyffart flagged both filings on X on May 16. He said the parallel activity suggests both firms are responding to SEC feedback and may be targeting a near-term launch.
VanEck submitted Amendment No. 5 to its Form S-1 for the VanEck BNB ETF. The fund is set to list on Nasdaq under the ticker VBNB. VanEck originally filed its S-1 in May 2025 and has updated the document five times since.
Grayscale filed Amendment No. 2 to its own BNB ETF registration statement on the same day. If approved, the Grayscale BNB ETF would trade on Nasdaq under the ticker GBNB. Grayscale submitted its initial S-1 in January 2026, followed by a first amendment in April 2026.
Seyffart said on X that BNB could become the next crypto asset to receive spot ETF approval in the US, following Bitcoin (BTC) and Ethereum (ETH). BNB was trading at approximately $657.23 at the time of writing, making it the fourth-largest cryptocurrency by market cap.
Staking Excluded From Both BNB Proposals
Neither proposal includes staking at launch. VanEck removed staking from its filing 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. Each trust would hold BNB directly and list under Nasdaq Rule 5711(d) for Commodity-Based Trust Shares. VanEck would price its fund against the Market Vector BNB Index.
Canary Capital also filed on May 16, submitting 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 disclosed service providers that were absent from the original April 2025 filing. U.S. Bancorp Fund Services would act as transfer agent and administrator, U.S. Bank as cash custodian, and BitGo as TRX custodian. CSC Delaware Trust Company remains trustee, and 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 broader crypto ETF pipeline continues to grow. 21Shares launched its Hyperliquid ETF earlier in the week. Bitwise's BHYP also began trading on May 16.
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