Asset managers Grayscale and VanEck filed amended S-1 registration statements for their spot BNB exchange-traded funds on Friday, bringing the cryptocurrency one step closer to becoming an approved US crypto ETF.
Gray tones filed his Second Amendment, while VanEck submitted the fifth is on friday. S-1s are one of the main documents ETF issuers must file with the SEC for approval, and they outline everything from the ETF’s structure and strategy to management fees and risks.
“Another amended S-1 from (Graytones) on the BNB ETF… we have to assume they are relying on feedback from the SEC and trying to launch in the near future? Could be the next crypto asset to get a spot ETF in the US,” he said Bloomberg ETF analyst James Seyffart.
Despite BNB being the fourth largest cryptocurrency by market capitalization 87.4 billion dollarshas 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 Seyffart
Grayscale filed for the Grayscale BNB ETF (GBNB) on January 23, 2026 and has yet to disclose the 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.
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The number of altcoin ETFs has grown since the SEC introduced a generic listing standards process in September, replacing the previous framework for reviewing applications on a case-by-case basis.
Wall Street asset managers also continued to experiment with crypto ETF structures, from stake products and leveraged strategies to index funds linked to futures and multiple assets.
Recent launch of Hyperliquid ETF tempered
However, reception to the latest spot altcoin ETF has been tepid compared to others before it, with the Hyperliquid ETF issued by 21Shares attracting just $1.2 million in net inflows on Thursday, its opening day.
In 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 its November debut.
The lion’s share of net inflows for crypto ETFs remained in Bitcoin (BTC) and Ether (ETH) products, which accumulated 58.4 billion dollars and 11.8 billion dollars from launch in 2024.
US-based Solana ETFs recently crossed the $1 billion mark, where they currently stand 1.11 billion dollars.
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