Grayscale and VanEck have updated their proposed spot BNB ETF filings as the SEC continues reviewing a wider set of crypto investment products. Bloomberg ETF analyst James Seyffart said Grayscale submitted a second amended S-1, while VanEck filed its fifth amended prospectus on the same day. Canary Capital and T. Rowe Price also revised separate crypto ETF applications.
Grayscale and VanEck add new amendments to BNB proposals
Seyffart said Grayscale’s latest filing suggests the firm may be responding to SEC comments during the review process. The amendment relates to the proposed Grayscale BNB Trust, a product designed to hold BNB directly. Its preliminary prospectus named BitGo Bank and Trust as custodian, with Bank of New York Mellon serving as transfer agent and administrator.
VanEck, for its part, submitted a fifth amended prospectus tied to its own BNB ETF application. The firm had previously set up a Delaware trust connected to the proposed fund. Seyffart also noted that multiple amendment rounds are common in SEC reviews of crypto ETFs. Even so, the regulator has not approved any spot BNB ETF product.
SEC review extends beyond Bitcoin and Ethereum products
The BNB updates arrived while the SEC was also examining other crypto ETF proposals outside the Bitcoin and Ethereum categories. Canary Capital filed its first amended application for a staked TRX ETF tied to Tron. At the same time, T. Rowe Price submitted a fourth amendment for its actively managed crypto ETF filing.
Those revisions show continued engagement between the SEC and several issuers seeking approval for different crypto-linked investment vehicles. Recent applications have included products tied to Solana, XRP, DOGE, HYPE, and BNB.
BNB faces added pressure from earlier SEC securities claims
BNB is dealing with a separate regulatory hurdle. In earlier court filings tied to its litigation against Binance and Changpeng Zhao, the SEC argued that BNB is a security. That position places extra scrutiny on any ETF proposal linked to the token.
If approved, the proposed funds would let investors gain BNB exposure through brokerage accounts without holding the token directly. Before any exchange could list such products, separate 19b-4 filings would still be required.