Asset managers VanEck and Grayscale Investments submitted updated filings for their respective spot BNB exchange-traded funds (ETFs) on Friday, May 15, 2026, marking a significant step toward potential regulatory approval. VanEck’s fifth amendment to its S-1 registration statement was accepted at 17:28:45 UTC, while Grayscale Investments’ second amendment for the Grayscale BNB Trust was accepted slightly earlier that same day. Both firms are seeking to list these products on the Nasdaq exchange to provide investors with direct exposure to BNB, which currently ranks among the top four largest cryptocurrencies by market capitalization.
The race involves two distinct structures with a shared objective. VanEck’s proposed fund, trading under the ticker VBNB, intends to track the MarketVector BNB Index. Grayscale’s offering, designated as GBNB, was established as a Delaware statutory trust on January 8, 2026. These updates follow a period of intense focus on digital asset regulation, particularly after Morgan Stanley expanded Bitcoin access for its wealth clients. The parallel timing of these amendments indicates that the Securities and Exchange Commission (SEC) is actively providing feedback to both issuers as they refine their proposals.
BNB recently traded near $654, reflecting a 2.5% decline over a 24-hour period, yet it maintains a robust market capitalization exceeding $87 billion. Some market data providers currently list BNB as the third-largest crypto asset, trailing only Bitcoin and Ether. The asset’s scale and high liquidity make it a candidate for an ETF, following the successful precedents set by spot Bitcoin and Ethereum funds. However, the path to listing remains complicated by the SEC’s ongoing litigation against Binance and unresolved questions regarding whether BNB should be classified as a security.
Operational mechanics of the proposed VanEck and Grayscale BNB ETF products
While both funds aim to hold BNB directly, their operational details and histories differ. VanEck’s VBNB proposal is the result of an effort that began with its original filing in May 2025. In contrast, Grayscale’s initial S-1 filing was submitted more recently, in January 2026. Grayscale has since moved through two amendments, including the one accepted on May 15. The SEC has assigned entity number 2106762 to the updated Grayscale document.
Grayscale Investments has named BitGo Bank and Trust, N.A. as its custodian, while the Bank of New York Mellon will serve as the transfer agent and administrator for the GBNB trust. The trust is structured to allow authorized participants to create or redeem shares in baskets of 10,000. These transactions can be completed either through in-kind transfers of BNB or via cash orders. This mechanism is intended to ensure the share price reflects the value of the BNB held by the trust, less expenses and liabilities.
Regulatory hurdles and the exclusion of staking rewards in altcoin filings
A notable commonality in both the VanEck and Grayscale filings is the explicit exclusion of staking functionality at launch. Many digital assets offer rewards for participating in network security, a feature that can influence Ethereum price accumulation and investor sentiment. However, the SEC remains hesitant to permit funds that offer staking yields due to uncertainty over whether such rewards constitute securities under U.S. law.
VanEck removed staking features from its proposal in November 2025. While both issuers include conditional provisions for staking in the future, the feature will not be active at the time of issuance. This move is generally seen as a strategy to remove a potential point of contention with regulators and accelerate the path toward listing. The core focus for now remains purely on the market price of the underlying BNB token rather than secondary yields.
Nasdaq rule changes and the spot BNB ETF market outlook
Even if the S-1 registration statements are finalized, the funds cannot begin trading until the SEC approves a 19b-4 rule change filed by Nasdaq. Both products intend to list in accordance with Nasdaq Rule 5711(d), which governs commodity-based trusts. This rule sets specific standards for transparency and oversight to ensure market integrity and protect investors from manipulation. The dual approval of the registration statement and the exchange’s listing rules is a requirement for any new spot cryptocurrency fund.
Bloomberg ETF analyst James Seyffart noted that the recent filings suggest both issuers are responding to specific feedback from the SEC. This parallel activity indicates a coordinated effort to address regulatory concerns. If approved, these ETFs would provide a regulated entry point for institutional capital that has previously been hesitant to hold digital assets directly. The arrival of a spot BNB ETF could bridge the current gap between traditional finance and the ecosystem surrounding the BNB Smart Chain.
The current market capitalization of BNB, which fluctuates near $88.5 billion, places it among the most significant digital assets globally. As the race between VanEck and Grayscale continues, the broader market is watching for signs that the SEC will expand the regulated ETF market. Following the precedent of Bitcoin and Ether, the inclusion of BNB would represent a broadening of the institutional digital asset landscape in the United States.