Grayscale, VanEck amend US spot BNB ETF filings, stepping closer to a potential launch
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 SeyffartGrayscale 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.Magazine: ETH stalls at $2.4K five times, SOL to rally to $120: Market Moves
