VanEck and Grayscale are pushing ahead with plans for spot BNB exchange-traded funds, each filing new amendments this week. VanEck submitted Amendment No. 5 to its S-1 for the VanEck BNB ETF, ticker VBNB, on May 15. Grayscale followed with a second amendment to its Grayscale BNB ETF, building on an initial filing in January 2025 and a first amendment last April.
What the amendments show
The repeated amendments suggest active back-and-forth between the applicants and the SEC. Bloomberg analyst James Seyffart noted VanEck's fifth filing on social media. The details under discussion likely include redemption mechanics, custody arrangements, staking disclosures, fee structures, and investor-protection terms — the same issues that have cropped up in other crypto ETF filings.
BNB joins a crowded pipeline
Since President Donald Trump took office in January 2025 on a pro-crypto platform, the SEC has approved spot ETFs for XRP, Solana (SOL), Dogecoin (DOGE), Chainlink (LINK), and Litecoin (LTC). BNB looks to be next in line. Other contenders include SEI, Cardano (ADA), and Tron (TRX) — Canary Capital just filed Amendment No. 1 for its Canary Staked TRX ETF. VanEck originally applied for the BNB fund in May 2025.
Spot Bitcoin ETFs remain the benchmark. Since their 2024 launch, they've pulled in cumulative net inflows of $58.34 billion and hold net assets of $104.29 billion. That track record likely makes the SEC more comfortable expanding the menu of approved crypto products — but each asset still gets a thorough review.
The next concrete step for VanEck and Grayscale is to keep working through SEC comments until the regulator signs off on a final prospectus. No deadline is set, but the pace of amendments suggests both firms expect approval eventually. The question now is timing — and whether BNB gets its green light before the rest of the pipeline.
