BNB ETF Race Heats Up as VanEck and Grayscale Submit New SEC Filings

The competition to launch the first spot BNB exchange traded fund in the United States is gaining speed after fresh filings from VanEck and Grayscale with the US Securities and Exchange Commission.

VanEck submitted its fifth amendment for the proposed VanEck BNB ETF, which is expected to trade on Nasdaq under the ticker VBNB. The company has continued updating its application since first filing in May 2025. Grayscale also filed its second amendment for the Grayscale BNB ETF, planned under the ticker GBNB.

Bloomberg ETF analyst James Seyffart said the updated filings suggest both companies may be responding to SEC feedback as approval discussions move forward. He added that BNB could become the next major cryptocurrency to receive a US spot ETF after Bitcoin and Ethereum products entered the market.

Both ETF proposals would directly hold BNB tokens but currently exclude staking rewards at launch because of ongoing regulatory uncertainty around staking services in the United States.

Canary Capital Expands Staked TRX ETF Proposal

At the same time, Canary Capital filed a new amendment for its proposed staked TRX ETF. Unlike the BNB filings, the Canary product would include staking as part of its investment strategy, allowing the fund to earn additional TRX through Tron’s proof-of-stake network.

The filing also revealed service providers including BitGo as custodian and U.S. Bank handling cash custody operations. Meanwhile, BNB was trading near $655 according to Blockto market data.