VanEck, Grayscale file fresh BNB ETF amendments as race for next altcoin spot ETF accelerates
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A pair of SEC filings on Friday from VanEck and Grayscale signaled that the long-running race to launch the first U.S. spot BNB ETF may be entering its final stretch, while Canary Capital advances its staking Tron ETF proposal.

VanEck filed Amendment No. 5 to its Form S-1 for the VanEck BNB ETF, which is set to list on Nasdaq under the ticker VBNB. The asset manager has been refiling the document at a steady cadence since the original May 2025 submission, which has since been amended five times.

Grayscale, the second issuer to enter the BNB ETF race, filed Amendment No. 2 to its own registration statement on the same day. If approved, the Grayscale BNB ETF would trade on Nasdaq under the ticker GBNB. The firm filed its initial S-1 in January, followed by a first amendment in April.

Bloomberg Intelligence ETF analyst James Seyffart said on X that the parallel activity suggested both issuers are responding to SEC feedback and could be aiming for a near-term launch. Seyffart speculated that BNB could be the next crypto asset to clear the SEC's review process for a spot ETF in the U.S.

Both filings continue to exclude staking at launch, a feature VanEck stripped from its proposal last November amid lingering U.S. regulatory uncertainty around treating staking yield as a security, though the proposals contain conditional staking language. The two trusts would each hold BNB directly and list under Nasdaq Rule 5711(d) for Commodity-Based Trust Shares. VanEck would price against the MarketVector BNB Index.

BNB is trading at about $657.23 as of publication time, down 2.4% in the past 24 hours, per The Block's BNB Price page. The token is currently the fourth-largest cryptocurrency by market cap.

Canary Capital eyes staked TRX ETF

The dual filings come as Canary Capital pushes its own altcoin product forward.

The Nashville-based asset manager filed Amendment No. 1 to its Canary Staked TRX ETF S-1 on Friday. Where the BNB filers have deferred staking, Canary's amendment formalized the feature as a "secondary investment objective" of the trust, with the sponsor administering a staking program that earns additional TRX through participation in Tron's proof-of-stake validation process.

The amendment also filled in service provider details that had been blank in the original April 2025 prospectus. U.S. Bancorp Fund Services would serve as transfer agent and administrator, U.S. Bank as cash custodian, and BitGo as the TRX custodian. CSC Delaware Trust Company remains the Trustee, and Canary Capital Group LLC remains the Sponsor. The exchange, ticker, and management fee remain undisclosed.

Canary first filed an S-1 last April for the Canary Staked TRX ETF. Tron's native TRX is trading at about $0.35, up 0.61% on the day, per The Block's Tron Price page.

The crypto ETF queue beyond BNB and TRX continues to expand. 21Shares' Hyperliquid ETF launched earlier this week, initially beating rivals from Bitwise and Grayscale to market, though Bitwise's BHYP began trading on Friday.