Grayscale and Vaneck Both Update Spot BNB ETF Filings as US SEC Review Heats Up

Grayscale filed a second amended S-1 for a BNB ETF on May 16, and VanEck updated its competing BNB ETF application the same day. The simultaneous dual amendments indicate active SEC review and engagement with both issuers. Grayscale’s second amended S-1 is significant because it reflects responses to written SEC staff comments and direct feedback. Both firms previously filed initial S-1s for trusts intended to list on Nasdaq, with Grayscale proposing ticker GBNB. BNB is the native token of BNB Chain and is used for trading fee discounts, token launches, and onchain governance. Neither filing includes staking, reflecting uncertainty about whether staking yields would trigger additional securities law requirements. Coinbase is set to act as custodian, and Nasdaq must file a 19b-4 rule change for SEC approval before trading begins.

"Grayscale filed a 2nd amended S-1 for its BNB ETF on May 16 with the SEC. Vaneck updated its own competing BNB ETF application the same day, the first simultaneous dual amendment of this nature. Bloomberg's James Seyffart said Grayscale's amendment suggests the SEC is reviewing and engaging actively with both players."

"The Race for a Spot BNB ETF Grayscale's second amended S-1 is the more significant development as it indicates the issuer responding to written comments from U.S. Securities and Exchange Commission (SEC) staff. Seyffart noted the amendment suggests Grayscale is advancing its BNB ETF based on direct SEC feedback Image source: X Grayscale first filed its initial S-1 for the Grayscale BNB Trust late last year, proposing to list under the ticker GBNB on Nasdaq."

"Neither filing includes staking, an omission that reflects ongoing regulatory uncertainty about whether staking yields on ETF-held assets would trigger additional securities law requirements, the same caution that shaped early iterations of the spot ether ETF applications. Structure and Custody Coinbase will act as custodian for both the Grayscale and Vaneck BNB ETF products, holding BNB on behalf of fund shareholders. That mirrors the custody arrangement used for both firms' spot bitcoin and ether funds."

"Before either product can begin trading, the SEC must also approve a 19b-4 rule change filed by Nasdaq, permitting the exchange to list the new instrument. The simultaneous amendments on May 16 s"

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