Grayscale, VanEck File Amended S-1s for US Spot BNB ETFs

On Friday, Grayscale and VanEck filed amended S-1 registration statements with the Securities and Exchange Commission for proposed US spot BNB exchange-traded funds. Grayscale submitted a second amended S-1 for the Grayscale BNB ETF (GBNB) and VanEck filed a fifth amended S-1 for the VanEck BNB ETF (VBNB).

The filings add detail on each fund’s structure, strategy, custody arrangements, management fees and risks. Amended S-1s reflect updates issuers make while responding to SEC comments ahead of a final approval decision.

Grayscale initially filed for GBNB on Jan. 23, 2026 and has not disclosed a management fee. VanEck first filed in May 2025 and proposed a 0.39% management fee for VBNB in its initial registration.

BNB is the fourth-largest cryptocurrency by market capitalization at about $87.4 billion. It is not yet included among US spot altcoin ETFs, which currently include products that track Solana, Litecoin, XRP and Hyperliquid. In September, the SEC adopted a generic listing standards process that replaced the previous case-by-case review for many listings.

Investor demand for recent altcoin ETF launches has varied. The Hyperliquid spot ETF drew roughly $1.2 million in net inflows on its first trading day. The Bitwise Solana Staking ETF recorded about $69.5 million in inflows on opening day, and the Canary XRP ETF brought in roughly $245 million at launch.

Since US spot crypto ETFs began trading in 2024, Bitcoin and Ether products have attracted the largest inflows, about $58.4 billion and $11.8 billion, respectively. Solana-focused ETFs hold roughly $1.11 billion in combined assets.

Asset managers continue to test a range of ETF designs, including staking-focused funds, leveraged strategies, futures-linked structures and multi-asset index approaches. The amended S-1s from Grayscale and VanEck indicate both firms are refining disclosures as part of the regulatory review process.

James Seyffart, an ETF analyst, noted the filings appear to reflect SEC feedback and that BNB could be a candidate for a US spot ETF in the near term. S-1 registration statements remain subject to further SEC requests, and regulators have not announced a timeline for approval.