VanEck and Grayscale Rev Up BNB ETF Proposals Amid Crypto Market Volatility

VanEck and Grayscale have both filed updated registration statements with the US Securities and Exchange Commission (SEC) for their respective spot BNB ETF proposals.

The filings, which occurred on May 16, suggest that both firms are responding to SEC feedback and may be targeting a near-term launch of their funds. VanEck's proposed fund would list under the ticker VBNB, while Grayscale's would trade as GBNB.

VanEck originally filed its S-1 in May 2025 and has updated the document five times since. Grayscale submitted its initial S-1 in January 2026, followed by a first amendment in April 2026.

Bloomberg Intelligence ETF analyst James Seyffart noted that BNB could become the next crypto asset to receive spot ETF approval in the US, following Bitcoin (BTC) and Ethereum (ETH). At the time of writing, BNB was trading at approximately $657.23, making it the fourth-largest cryptocurrency by market cap.

Both VanEck and Grayscale's proposals exclude staking at launch due to unresolved regulatory questions over whether staking yield qualifies as a security. The trusts would hold BNB directly and list under Nasdaq Rule 5711(d) for Commodity-Based Trust Shares.