Grayscale and VanEck revise BNB ETF filings to advance the application process

Grayscale and VanEck each filed revised versions of their spot BNB ETF S-1 registration statements for SEC review on May 15. Bloomberg ETF analyst James Seyffart said the update shows both firms are moving forward with the filing process in line with SEC feedback. BNB is currently the fourth-largest Crypto by marketcap and has not yet appeared on the list of U.S. spot altcoin ETFs.

Confirmed filing details for the two BNB ETFs

According to publicly filed documents confirmed：

Grayscale BNB ETF (ticker code: GBNB)：

Original filing date：January 23, 2026

Latest update：May 15, 2026, second-amended S-1

Management fee：Not yet disclosed

VanEck BNB ETF (ticker code: VBNB)：

Original filing date：May 2025

Latest update：May 15, 2026, fifth-amended S-1

Management fee：Proposed at 0.39%

The S-1 form is the core filing document that ETF issuers submit to the SEC, detailing information such as the ETF structure, strategy, management fee, and risk.

Seyffart’s confirmed quote from Bloomberg analysis

Bloomberg ETF analyst James Seyffart said after this update: “Grayscale Capital filed another amended S-1 for its BNB ETF… I guess they’re trying to push the process forward based on SEC feedback and possibly launch it sooner rather than later? This could be the next Crypto asset to launch a spot ETF in the U.S.”

The above is Seyffart’s personal analysis and interpretation; the SEC has not released any public statements regarding its approval decision or timing for GBNB or VBNB.

U.S. Crypto ETF market-confirmed data

Recent spot altcoin ETF first-day inflows comparison:

21Shares Hyperliquid ETF (THYP, May 2026)：First-day net inflow of $1.2 million

Bitwise Solana Staking ETF (BSOL, October 2025)：First-day net inflow of $69.5 million

Canary XRP ETF (XRPC, November 2025)：First-day net inflow of $245 million

Accumulated scale of various U.S. Crypto ETFs:

Bitcoin spot ETF (since launch in 2024)：Cumulative net inflow of $58.4B

Ethereum spot ETF (since launch in 2024)：Cumulative net inflow of $11.8 billion

Total U.S. Solana ETFs：Currently $1.11 billion (recently surpassed the $1 billion milestone)

The Crypto assets included in existing U.S. spot altcoin ETFs are SOL, LTC, XRP, and HYPE; BNB is not yet on this list.

FAQ

Does a revised S-1 mean the BNB ETF is about to launch?

S-1 amendments are a normal part of the ETF filing process, and typically involve updates based on SEC inquiries or feedback. The SEC has not issued any approval decisions or confirmed timelines for GBNB or VBNB. Grayscale and VanEck’s submission of amended documents does not mean the SEC has approved them or confirmed a launch date.

What confirmed product specifications do GBNB and VBNB have?

According to publicly filed documents, VBNB has proposed a management fee of 0.39%, while GBNB has not disclosed its fee rate. Both are applications for spot BNB ETFs, neither has been approved by the SEC, and the SEC has not published a review schedule for either application.

Where does BNB rank by marketcap today, and why is there no U.S. ETF yet?

BNB currently has a marketcap of about $87.4 billion, making it the fourth-largest Crypto by marketcap, behind Bitcoin, Ethereum, and major dollar-pegged stablecoins. Despite its large marketcap, BNB has not yet received SEC approval for a U.S. spot ETF; there has been no official explanation for this, and both applications are currently in the review process.