Grayscale and VanEck have both amended their U.S. spot BNB ETF filings this week, pushing the products a step closer to a potential launch. The moves come just days after the Securities and Exchange Commission approved a Hyperliquid ETF from 21Shares — the latest sign that the regulator is warming to a wider range of crypto assets in exchange-traded wrappers.
The amended filings
Each firm submitted updated registration statements for a fund that would hold BNB, the native token of the BNB Chain. The amendments aren't public in full detail yet, but they typically address SEC feedback on custody, valuation and market surveillance. Grayscale and VanEck declined to comment beyond the filings.
The Hyperliquid precedent
Last week, the SEC gave the green light to 21Shares' Hyperliquid ETF, marking the first time a fund tied to that token has been cleared. The approval added Hyperliquid to a growing list of cryptocurrencies being packaged into ETFs in the U.S., a list that already includes Bitcoin, Ethereum, Solana, XRP and Litecoin. The regulator's willingness to approve a less-established token like Hyperliquid suggests the bar for entry may be lower than it was a year ago.
Neither Grayscale nor VanEck has a final decision date from the SEC on their BNB proposals. The amended filings restart the clock on the agency's review, which typically takes up to 240 days. Both firms are betting that the recent approvals — and the overall shift in Washington's posture toward crypto — will carry over to BNB. Whether that bet pays off is the question. The exchange's legal history with the SEC, including a lawsuit settled last year, could complicate things.
