Grayscale, VanEck update BNB ETF applications
Asset managers Grayscale and VanEck on Friday filed S-1 filings for the ubiquitous BNB exchange-traded fund, bringing the cryptocurrency one step closer to becoming an accepted US crypto ETF.
Grayscale filed the second amendment and VanEyck filed the fifth Friday. S-1s are one of the primary documents that ETF issuers file with the SEC for approval, detailing everything from the ETF's structure and strategy to management fees and risks.
“Another amended S-1 from [Grayscale] On the BNB ETF… should they assume they are coming out of the SEC feedback and trying to launch in the near future? It could be the next crypto asset to find a spot ETF in the US,” said Bloomberg ETF analyst James Seifert.
Although BNB is the fourth largest cryptocurrency by market capitalization at $87.4 billion, it is not included in the list of US spot altcoin ETFs, including those tracked by Solana (SOL), Litecoin (LTC), XRP (XRP) and Hyperliquid (HYPE).
Source: James Seifert.
Greyscale offered the Greyscale BNB ETF (GBNB) on January 23, 2026, and has yet to disclose a payment to GBNB. VanEck filed its first filing for the VanEck BNB ETF (VBNB) in May 2025 and offered a management fee of 0.39% for VBNB.
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The number of altcoin ETFs has grown since the SEC introduced a comprehensive listing standards process in September, replacing the previous case-by-case application review framework.
Wall Street asset managers continue to experiment with crypto ETF structures, from captive products and leveraged strategies to futures-linked and multi-asset index funds.
The recent launch of the Hyperliquid ETF has sparked outrage.
However, reception to the latest altcoin ETF has been tepid compared to others before it, with the hyperliquid ETF issued by 21Shares attracting just $1.2 million in net income on Thursday.
In contrast, the Bitwise Solana Staking ETF (BSOL) attracted $69.5 million on its opening day in October, while the Canary XRP ETF (XRPC) brought in $245 million for the first time a few weeks later in November.
The lion's share of crypto ETFs have been in Bitcoin (BTC) and Ether (ETH) products, raising $58.4 billion and $11.8 billion since their launch in 2024, respectively.
US-based Solana ETF recently crossed the $1 billion mark, currently sitting at $1.11 billion.
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