Grayscale and VanEck both filed amended S-1 registration statements with the SEC on Friday for their respective spot BNB exchange-traded funds, moving the fourth-largest cryptocurrency by market cap closer to joining the growing list of approved US crypto ETFs. Grayscale submitted its second amendment for the Grayscale BNB ETF, known by its ticker GBNB, while VanEck filed its fifth amendment for the VanEck BNB ETF under the ticker VBNB, which carries a proposed management fee of 0.39%. Bloomberg ETF analyst James Seyffart noted that the frequency of amendments suggests the issuers are responding directly to SEC feedback and may be targeting a launch in the near future, calling BNB a strong candidate to become the next crypto asset to receive spot ETF approval in the US.

Despite BNB's size, with a market cap of approximately $87.4 billion, it has not yet been included in the expanding universe of US spot altcoin ETFs, which already covers assets like Solana, XRP, Litecoin, and Hyperliquid. Grayscale originally filed for GBNB in January 2026 and has not yet disclosed a management fee, while VanEck's first filing for VBNB dates back to May 2025. The SEC's introduction of a generic listing standards process in September replaced the previous case-by-case application review framework, a change that has accelerated the pace at which altcoin ETF applications move through the system and made the path to approval more predictable for issuers willing to work through the amendment process.