Key Takeaways

• VanEck filed its fifth amendment and Grayscale filed its second for their BNB spot ETF applications on May 16, 2026.
• Both funds will skip staking at launch and use Coinbase as their custodian.
• Bloomberg ETF analyst James Seyffart says the parallel filings point to active SEC feedback and a possible near-term launch.

Two major asset managers just made their most coordinated move yet toward a US BNB spot ETF. On May 16, 2026, both VanEck and Grayscale submitted updated S-1 filings to the SEC on the very same day. This was the first time both firms filed BNB ETF amendments simultaneously, and the timing is no accident. It points to active regulatory dialogue, and analysts are reading it as a sign that a launch window could be getting closer.

What Do the Latest BNB ETF Filings Show?

The fresh amendments reveal two firms deep in a race to win SEC approval first. Each new filing responds directly to regulator feedback, and Bloomberg ETF analyst James Seyffart flagged both updates right away. He noted the parallel activity suggests both issuers are addressing written SEC staff comments and could be targeting a near-term launch. Here is what each firm submitted.

What Did VanEck File?

VanEck submitted Amendment No. 5 to its Form S-1 for the VanEck BNB ETF. The fund plans to list on Nasdaq under the ticker VBNB, with a proposed management fee of 0.39%. VanEck originally filed in May 2025 and has been updating its registration at a steady pace since then. The fund will price against the MarketVector BNB Index, giving investors a clear benchmark for how it tracks BNB’s market value.

What Did Grayscale File?

Grayscale submitted its second amended S-1 for the Grayscale BNB ETF on the same day. If approved, it will trade on Nasdaq under the ticker GBNB. Grayscale entered this race in January 2026 with an initial filing, followed by a first amendment in April. The second amendment is a strong indicator that the firm is responding to direct feedback from SEC staff, which typically means the review is progressing through formal comment rounds.

Why Did Both Issuers Leave Out Staking?

Staking is absent from both BNB ETF proposals at launch, and there is a straightforward reason for that. VanEck dropped staking from its application back in November 2025 because of unresolved US regulatory uncertainty around whether staking yield counts as a security. Grayscale followed the same path with its filing. Both proposals still carry conditional staking language, which keeps the option open for later without creating a regulatory roadblock right now.

Removing staking is a calculated move. Both firms want to get the product approved and listed first, then revisit features like staking once the regulatory framework around it becomes clearer. This same approach played out during earlier crypto ETF approval cycles, where issuers simplified proposals to clear initial hurdles before pushing for expanded features.

How Does the Two-Track Approval Process Work?

A US spot crypto ETF approval requires two separate regulatory tracks to clear before any trading begins. Both need to move forward together, and understanding this process helps explain why amendments matter so much. Here is a breakdown of each step:

• S-1 Registration Statement: The issuer files this with the SEC’s Division of Investment Management. It covers fund structure, custody arrangements, risk disclosures, and how the product works for investors.
• 19b-4 Filing: The listing exchange submits this to the SEC’s Division of Trading and Markets. It requests a rule change to allow the new ETF product to list and trade on that exchange.
• Amendment Cycle: When the SEC spots gaps or needs more detail, it sends comment letters to the issuer. Each amendment directly addresses those comments and brings the filing closer to an approvable structure.
• Active Engagement Signal: Simultaneous amendments from two competing issuers tell analysts the SEC is actively working through these filings, not letting them sit in a queue unreviewed.

The coordinated timing on May 16 got immediate attention from ETF watchers, who viewed it as clear proof of live regulatory engagement on both fronts.

What Does This Mean for BNB Investors?

Coinbase will serve as custodian for both BNB ETF products, holding BNB directly on behalf of fund shareholders. Coinbase already handles custody for several approved crypto ETFs, and its track record with regulators removes one of the common friction points during the SEC review process.

Seyffart suggested that BNB could be the next crypto asset to clear the SEC’s review for a US spot ETF. However, one complication still hangs over these applications. The SEC is currently in active litigation with Binance, the exchange closely tied to BNB. That ongoing legal uncertainty around the token’s classification could slow or complicate the approval process, even as the filings progress.

For anyone tracking crypto news, a BNB spot ETF would give US investors regulated access to the fourth-largest crypto by market cap. No self-custody, no exchange accounts needed, just straightforward exposure through a familiar investment vehicle. If you are newer to how these products work, our crypto basics guide covers the fundamentals clearly. You can also explore broader crypto resources to stay updated as this story develops.

Frequently Asked Questions

Is the BNB Spot ETF Approved Yet?

No, both VanEck and Grayscale are still working through the amendment cycle with the SEC. No fixed approval date exists at this point, and additional comment rounds may follow before any final decision comes through.

Why Are Both Firms Filing Amendments at the Same Time?

The simultaneous filings reflect both issuers responding to SEC staff feedback around the same period. Analysts like James Seyffart read this as a sign of active regulatory engagement rather than competing firms working on independent schedules.

Will These ETFs Include Staking From the Start?

No, both products launch without staking. Both filings carry conditional staking language, which means issuers can revisit it in the future once US regulations around staking yield become clearer.

Who Will Custody the BNB in These ETFs?

Coinbase will act as custodian for both the VanEck and Grayscale BNB ETF products, holding the BNB directly on behalf of fund shareholders.