On May 16, 2026, VanEck and Grayscale simultaneously filed amendments to their BNB spot ETF applications with the U.S. Securities and Exchange Commission (SEC). Both filings share a central change: removal of staking features, seen as a strategic move to lower regulatory barriers.
VanEck's Fifth Amendment: No Staking Guarantee
VanEck's fifth amendment states: "There is no guarantee that the Trust will participate in any staking activities," adding that BNB will remain unstaked for the foreseeable future. However, flexibility remains: if staking is started later, shareholders will be notified via public announcement. The ETF, under ticker VBNB, plans to list on Nasdaq.
Grayscale's Follow-Up: Identical Staking Removal
Grayscale's second amendment also targets Nasdaq, mirroring VanEck's approach. Bloomberg ETF analyst James Seyffart commented that BNB could be the next crypto asset to launch a spot ETF in the U.S.
Timeline: VanEck Leads by 8 Months, Grayscale Chases
VanEck was the first U.S. firm to file for a spot BNB ETF, initially in May 2025. Grayscale followed on January 23, 2026, about eight months behind. Despite the lag, both have updated applications at nearly the same pace, tracking SEC signals closely. Ditching staking is no coincidence—the SEC has taken a hard line on Ethereum ETF staking, repeatedly delaying approvals. This proactive removal reflects a lesson learned: pass first, revisit staking later.
BNB's Market Position and Regulatory Risks
BNB trades around $651, with a market cap of about $87.7 billion, making it the third-largest crypto after Bitcoin and Ethereum (excluding stablecoins). Its size attracts asset managers. Yet VanEck's filing openly acknowledges the risk: BNB could be classified as a "security" by the SEC, threatening the ETF's viability. Removing staking aims to mitigate this regulatory friction.