Grayscale, VanEck File Amendments For BNB ETF – Next Altcoin Launch?

Recent filings with the SEC suggest the Binance Coin (BNB) may be the next altcoin to get a spot ETF in the US. In particular, asset management firms VanEck and Grayscale have repeatedly amended their S-1 registration forms, reflecting regulatory guidance and increasing the likelihood of a launch.

VanEck Issues 5th BNB ETF Revision As ETF Race Heats Up

In a recent post on X, Bloomberg analyst James Seyffart shared that VanEck had filed Amendment No. 5 to the S-1 for its VanEck BNB ETF, looking to launch under the ticker VBNB. The original application for this ETF came in May 2025, amid a period of filings and anticipated approvals for several altcoin spot ETFs, in line with US President Donald Trump’s pro-crypto agenda. 

Since his inauguration in January 2025, the SEC has approved spot ETFs tied to XRP, Solana (SOL), Dogecoin (DOGE), Chainlink (LINK), and Litecoin (LTC), among other cryptocurrencies. Alongside VanEck, Grayscale has also issued a second amendment to its Grayscale BNB ETF, as the asset manager looks to add another product to its existing nine-spot ETFs. Grayscale issued its first amendment in April 2025, following discussions of its initial filings in January 2025.

Generally, Subsequent amendments to ETF filings indicate ongoing dialogue between applicants and the SEC. These changes represent modifications requested by the regulator through formal staff comment letters, covering issues such as redemption mechanics, custody arrangements, staking disclosures, fee structures, and investor protection concerns. 

With both revisions from VanEck and Grayscale coming at the same time, it is likely that both asset managers are responding to similar feedback from the  SEC, perhaps with near-term approval plans. Following these developments, Seyffart speculates that BNB could emerge as the next cryptocurrency to get a US spot ETF. 

The Next Altcoin Spot ETF 

Alongside Binance Coin, other cryptocurrencies with a prospective Spot ETF launch in view include SEI (SEI), Cardano (ADA), and Tron (TRX). Notably, Canary Capital had also recently filed Amendment No. 1 to its S-1 for its Canary Staked TRX ETF. The ETF structure remains a critical means of driving institutional adoption of virtual cryptocurrencies by eliminating custody complexity and aligning with existing compliance frameworks.

Since their launch in 2024, Spot Bitcoin ETFs have emerged as among the best-performing ETFs globally, with total cumulative net inflows. And the next asset is $ 58.34 billion, with net assets of $104.29 billion.  For assets such as BNB, ADA, and SEI, a similar dynamic could repeat, naturally at a smaller scale, given their relative market capitalizations.