The race for the first spot BNB ETF in the United States is moving faster. Asset managers are now taking another step toward bringing Binance Coin to Wall Street.
VanEck and Grayscale both filed amended S-1 registration statements with the U.S. Securities and Exchange Commission. The updates came after ongoing discussions with regulators. Bloomberg ETF analyst James Seyffart said the new filings suggest a launch could happen sooner than expected.
VanEck is now on its fifth amendment. Grayscale, meanwhile, has filed its second amendment since joining the race earlier this year. The filings show both firms are actively responding to SEC feedback as the approval process continues.
Also Read: Grayscale and VanEck Update BNB ETF Filings as SEC Review Intensifies
BNB ETF Filings Show Regulatory Progress
Grayscale’s proposal would list on Nasdaq under the ticker GBNB. The filing explains that authorized participants may create or redeem shares either with cash or directly with BNB tokens. Transactions would happen in baskets of 10,000 shares.
The structure mirrors what the market has already seen with spot Bitcoin and Ethereum ETFs. Still, one detail stands out. Neither filing includes staking.
That omission matters. Staking remains one of the biggest regulatory gray areas in crypto ETFs. Fund managers are still waiting to see how the SEC handles yield-bearing crypto products after the launch of staking-linked Ethereum and Hyperliquid funds.
VanEck first filed for a spot BNB ETF in May 2025. Grayscale followed in January 2026, aiming to convert its private BNB Trust into a publicly traded ETF.
BNB ETF Could Expand Institutional Crypto Access
BNB is the native token of the BNB Chain and plays a central role in the Binance ecosystem. It is used for trading fee discounts, token launches, and governance functions across the network.
At the time of writing, BNB traded near $653 after falling more than 1% over the past 24 hours. Retail sentiment on Stocktwits remained bearish, while overall trader discussion stayed low.
Even so, BNB continues to hold a market capitalization above $88 billion. That keeps it behind only Bitcoin and Ethereum among digital assets.
If approved, a spot BNB ETF could open the door for wider institutional exposure to one of crypto’s biggest networks.
Also Read: Grayscale Submits BNB ETF Proposal Amid Rising U.S. ETF Activity
