Grayscale, VanEck Amend BNB ETF Applications

Asset managers Grayscale and VanEck filed amended S-1 registration statements for their respective spot BNB exchange-traded funds on Friday, bringing the cryptocurrency one step closer to becoming an approved US crypto ETF. 

Grayscale filed its second amendment, while VanEck submitted its fifth on Friday. S-1s are one of the main filings that ETF issuers must submit to 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… have to guess they are going off feedback from SEC and trying to launch in near future? Could be the next crypto asset to get a spot ETF in the US,” said Bloomberg ETF analyst James Seyffart.

Despite BNB being the fourth-largest cryptocurrency by market cap at $87.4 billion, it has yet to be included in the growing list of US spot altcoin ETFs, including those tracking Solana (SOL), Litecoin (LTC), XRP (XRP) and Hyperliquid (HYPE).

Source: James Seyffart

Grayscale filed for the Grayscale BNB ETF (GBNB) on Jan. 23, 2026, and has yet to disclose a fee for GBNB. VanEck made its first filing for the VanEck BNB ETF (VBNB) in May 2025 and proposed a 0.39% management fee for VBNB.

Related: Bitcoin market dominance moves above 61%: Will altcoins follow? 

The number of altcoin ETFs has grown since the SEC introduced a generic listing standards process in September, replacing the previous case-by-case application review framework. 

Wall Street asset managers have also continued to experiment with crypto ETF structures, from staked products and leveraged strategies to futures-linked and multi-asset index funds.

Recent Hyperliquid ETF launch tempered 

However, reception to the latest spot altcoin ETF has been lukewarm compared to others before it, with the 21Shares-issued Hyperliquid ETF only attracting $1.2 million in net inflows on Thursday, its opening day.

By 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 a few weeks later on debut in November. 

The lion’s share of net inflows for crypto ETFs has remained in Bitcoin (BTC) and Ether (ETH) products, which have amassed $58.4 billion and $11.8 billion since launching in 2024.

US-based Solana ETFs recently crossed the $1 billion milestone, currently sitting at $1.11 billion.

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