Grayscale and VanEck File Amended BNB ETF Registrations in Latest Push for US Approval
Grayscale Investments and VanEck filed amended S-1 registration statements for spot BNB (BNB) exchange-traded funds with US regulators on May 18, advancing two of the most prominent bids for a Binance Coin ETF product. The filings bring both applications closer to the formal SEC review process.
A spot BNB ETF would be the first US-listed fund tracking BNB, the native token of BNB Chain, if approved.
What the Amended Filings Cover
An S-1 is a registration statement that a fund manager files with the SEC before launching a new investment product. Amending an existing S-1 allows managers to respond to regulator feedback or update material disclosures.
The amended filings from Grayscale and VanEck indicate both firms have moved past the initial registration stage and are now addressing SEC comments. Neither firm disclosed the specific changes made in the amendments.
BNB traded near its prevailing price on May 18 as the filings circulated.
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Background
The SEC approved spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in May 2024, opening a path for asset managers to pursue similar products for other cryptocurrencies. Multiple firms filed for spot Solana (SOL) ETFs through 2025, and BNB ETF applications followed later that year.
BNB Chain, formerly Binance Smart Chain, is the blockchain operated by Binance, the world’s largest cryptocurrency exchange by trading volume. BNB is the native gas and utility token of that network.
Its ETF path faces additional complexity because Binance reached a $4.3 billion settlement with the US Department of Justice in November 2023, a history that regulators may weigh when reviewing any BNB-linked product.
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What Comes Next for a BNB ETF
The SEC has not set a public timeline for acting on BNB ETF applications. A formal review period typically runs up to 240 days from initial filing, with potential extensions.
The amended S-1 stage suggests both Grayscale and VanEck are in active dialog with the regulator. Approval is not guaranteed.
If the SEC grants a spot BNB ETF, it would expand the institutional on-ramp to a token outside Bitcoin and Ethereum for the first time in the US market. Asset managers and traders will watch for any 19b-4 rule change filings from exchanges, which would be the next formal step toward a listing.
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