Grayscale, Vaneck file simultaneous BNB ETF updates

Grayscale filed a second amended S-1 with the Securities and Exchange Commission on May 16 for a proposed spot BNB exchange-traded fund. Vaneck submitted a competing update to its own S-1 the same day. Both firms are seeking approval to list spot BNB ETFs on Nasdaq.

Analyst James Seyffart wrote that Grayscale’s amendment “suggests Grayscale is advancing its BNB ETF based on direct SEC feedback” and that the simultaneous updates indicate the SEC is engaging with both applicants.

Grayscale first submitted an initial S-1 for the Grayscale BNB Trust late last year, proposing the ticker GBNB on Nasdaq. Vaneck registered a competing BNB trust in April and filed its S-1 shortly after. Both issuers are in amendment cycles, responding to SEC staff comments and updating their paperwork.

Coinbase is named in both filings as the custodian that would hold BNB on behalf of fund shareholders. The SEC must approve a Nasdaq 19b-4 rule change before either product can begin trading on the exchange.

BNB is the native token of BNB Chain, formerly Binance Smart Chain. It is used in the Binance ecosystem for trading fee discounts, token launches and on-chain governance. At current prices, BNB’s market capitalization exceeds $87 billion, placing it behind bitcoin and ether by market value.

Neither filing proposes staking of ETF-held BNB. The omission reflects regulatory uncertainty over whether staking yields would trigger additional securities-law requirements.

Observers noted the May 16 simultaneous amendments were the first instance of two competing BNB ETF applicants updating the same day. In past spot bitcoin and spot ether ETF processes, the issuer that obtained approval first captured the majority of early institutional inflows.

Some analysts and traders have projected that approval-driven inflows could affect BNB’s price, with a near-term target of $700 mentioned by market participants as contingent on ETF approval. The SEC’s review and any Nasdaq rule approval will determine whether either product can be listed.