Major investment firms refine applications for US-based Bitcoin rival exchange-traded fund, paving way for imminent market debut.

In a significant development for the cryptocurrency space, prominent asset management firms Grayscale and VanEck have submitted revised registration statements for their proposed spot Binance Coin (BNB) exchange-traded funds (ETFs) to the US Securities and Exchange Commission (SEC). This move brings the highly anticipated BNB ETF one step closer to securing approval, which would mark a major milestone in the crypto industry.

Grayscale's second amended filing and VanEck's fifth submission, both lodged on Friday, demonstrate the companies' commitment to navigating the regulatory framework. The S-1 registration statement is a crucial document that outlines the ETF's operational structure, investment strategy, management fees, and potential risks. According to James Seyffart, a seasoned ETF analyst at Bloomberg, Grayscale's latest amendment may be a response to feedback from the SEC, suggesting that the company is poised to launch the ETF in the near future. Seyffart's observation sparks speculation that BNB could become the next cryptocurrency to be featured in a US spot ETF.

Notably, BNB is the fourth-largest cryptocurrency by market capitalization, boasting an impressive $87.4 billion valuation. However, it has yet to be represented in the growing array of US spot altcoin ETFs, which already includes funds tracking Solana (SOL), Litecoin (LTC), XRP (XRP), and Hyperliquid (HYPE). Grayscale initially filed for the Grayscale BNB ETF (GBNB) on January 23, 2026, but has not disclosed a management fee for the product. In contrast, VanEck's first filing for the VanEck BNB ETF (VBNB) dates back to May 2025, with a proposed management fee of 0.39%.

The introduction of a generic listing standards process by the SEC in September has facilitated the proliferation of altcoin ETFs. This regulatory shift has enabled Wall Street asset managers to explore innovative crypto ETF structures, including staked products, leveraged strategies, futures-linked funds, and multi-asset index funds. Although the recent launch of the Hyperliquid ETF has been met with a lukewarm response, with net inflows of only $1.2 million on its opening day, other ETFs have garnered significant attention. For instance, the Bitwise Solana Staking ETF (BSOL) attracted $69.5 million on its debut day in October, while the Canary XRP ETF (XRPC) drew $245 million in November.

It is worth noting that Bitcoin (BTC) and Ether (ETH) products continue to dominate the crypto ETF landscape, with cumulative net inflows of $58.4 billion and $11.8 billion, respectively, since their launch in 2024. US-based Solana ETFs have also achieved a notable milestone, surpassing the $1 billion mark to currently sit at $1.11 billion. As the regulatory environment continues to evolve, the prospects for BNB and other altcoin ETFs remain promising, with investors eagerly awaiting the SEC's decision on these pending applications.