BNB ETF race tightens as VanEck and Grayscale update SEC filings
VanEck and Grayscale filed new amendments for their proposed spot BNB exchange-traded funds, adding fresh attention to the race for the next U.S. altcoin ETF.
Summary
- VanEck and Grayscale filed new BNB ETF amendments as altcoin ETF competition moves faster.
- Both BNB ETF proposals plan direct token exposure but keep staking out at launch.
- Canary’s TRX filing takes a different route by placing staking inside the fund structure.
The filings came as asset managers continue to test how far the SEC may move beyond Bitcoin and Ethereum products.
VanEck filed Amendment No. 5 for the VanEck BNB ETF on May 15. The fund is expected to list on Nasdaq under the ticker VBNB, subject to approval. Its filing says the trust would hold BNB directly and trade under Nasdaq’s commodity-based trust share rules.
Grayscale keeps BNB plan alive
Grayscale also filed an updated registration statement for its own BNB ETF plan. The Grayscale BNB ETF was formed as a Delaware statutory trust on Jan. 8, 2026, and its stated purpose is to hold BNB tied to the BNB Smart Chain.
The filing says the trust would seek to reflect the value of BNB held by the fund, less expenses and liabilities. It also includes conditional language around staking, but that does not mean staking will be active at launch. That part remains tied to regulatory and operational conditions.
In addition, the BNB filings show caution around staking. Both proposals focus on direct BNB exposure, while keeping staking outside the main launch plan. That approach reflects ongoing questions around how staking rewards fit inside regulated U.S. ETF products.
Canary Capital is taking a different path with its Canary Staked TRX ETF. Its May 15 amendment describes a fund that would hold TRX and include staking as a secondary investment objective. The filing names the product as Canary Staked TRX ETF and lists it as Amendment No. 1 to Form S-1.
Altcoin ETF queue keeps expanding
The filings come as the wider altcoin ETF queue grows. Crypto.news recently reported that Grayscale added TRX, HYPE, TON, ENA, and other assets to its Q2 2026 list of digital assets under review for future products. The same report said Grayscale had also filed for a spot HYPE ETF.
Another crypto.news report said analysts expect altcoin momentum to depend partly on ETF approvals, with several proposed products still under SEC review. The report said proposals tied to SOL, XRP, HBAR, LTC, and TRX remain part of the broader review cycle.
