VanEck and Grayscale have filed new amendments for their proposed spot BNB exchange-traded funds, adding fresh momentum to the growing race for the next U.S. altcoin ETF.
The latest filings show that major asset managers are continuing to push beyond Bitcoin and Ethereum products as they test how far the U.S. SEC may expand crypto ETF approvals.
VanEck submitted Amendment No. 5 for its proposed VanEck BNB ETF on May 15.
According to the filing, the fund would trade on Nasdaq under the ticker VBNB if approved. The proposal says the trust would directly hold BNB and operate under Nasdaq’s commodity-based trust share framework.
Meanwhile, Grayscale also updated its registration filing for the Grayscale BNB ETF.
The filing states that the trust was created as a Delaware statutory trust on January 8, 2026, and is designed to track the value of BNB tied to the BNB Smart Chain ecosystem.
Grayscale’s proposal includes language related to staking, but the filing makes clear that staking would not necessarily be active at launch. Any staking activity would depend on future regulatory and operational approval.
Both BNB ETF proposals currently focus mainly on direct token exposure while avoiding staking during the initial launch phase.
That cautious approach reflects ongoing uncertainty around how staking rewards fit into regulated crypto ETF products in the United States.
Canary Capital is taking a different approach with its proposed Canary Staked TRX ETF.
Its latest amendment describes a fund that would directly hold TRON token TRX while also including staking as part of the investment strategy.
The BNB filings come as the broader altcoin ETF market continues expanding.
Recent reports showed Grayscale adding several digital assets, including TRX, HYPE, TON, and ENA, to its list of crypto assets under review for future investment products.
Other proposed crypto ETFs tied to Solana, XRP, HBAR, Litecoin, and TRX also remain under SEC review as competition in the altcoin ETF market continues to grow.
