Grayscale and VanEck file amended S‑1s for US spot BNB ETFs

Grayscale and VanEck each filed an amended S‑1 registration statement on Friday, moving their proposed spot BNB exchange‑traded funds a step closer to SEC clearance. Grayscale’s filing is its second amendment, while VanEck’s is the fifth, reflecting ongoing dialogue with regulators [1].

Both amendments update disclosures, custody arrangements and risk language to address SEC staff comments, a routine but essential part of the ETF review cycle [2]. The filings underscore that the SEC is actively engaged rather than stalling; analysts note the parallel updates as a positive signal of continued momentum for altcoin‑linked products [2]. BNB, the native token of the BNB Chain, ranks fourth by market cap at roughly $87.4 billion, yet it remains absent from the growing list of US spot crypto ETFs that now include Solana, Litecoin, XRP and Hyperliquid [1][3].

The fee structures differ: Grayscale has not yet disclosed a management fee for its GBNB product, while VanEck proposed a 0.39 % fee when it first filed in May 2025 [1][3]. The broader crypto‑ETF market continues to be dominated by Bitcoin and Ether funds, which have attracted $58.4 billion and $11.8 billion respectively since 2024, but recent altcoin launches have shown mixed investor appetite. The Hyperliquid ETF opened with just $1.2 million in net inflows, far below the $69.5 million and $245 million first‑day inflows seen for Solana and XRP products [1].

If the SEC ultimately approves the filings, a spot BNB ETF would give traditional investors regulated exposure to a token with a robust ecosystem of DeFi, gaming and decentralized applications, potentially widening institutional participation in the altcoin space. Until the SEC issues an effectiveness declaration and the accompanying rule‑change proposals, the products cannot trade, leaving the timing of a launch uncertain and the market watching for the next regulatory milestone.