VanEck and Grayscale submitted revised filings for spot BNB exchange-traded funds on the same day, intensifying competition for the next U.S. altcoin ETF. Both proposals focus on direct BNB holdings while keeping staking out of the initial launch plan.
VanEck Files Amendment No. 5, Eyes Nasdaq Listing
VanEck filed Amendment No. 5 for the VanEck BNB ETF on May 15. The fund is expected to list on Nasdaq under the ticker VBNB, subject to SEC approval. The trust would hold BNB directly and operate under Nasdaq's commodity-based trust share rules.
Grayscale Keeps BNB Plan Alive With Conditional Staking Language
Grayscale also submitted an updated registration statement for its Grayscale BNB ETF. The trust was formed as a Delaware statutory trust on Jan. 8, 2026, with the stated purpose of holding BNB tied to the BNB Smart Chain. The filing says the trust will reflect the value of BNB held, less expenses and liabilities. Staking references are conditional and not active at launch, tied to future regulatory and operational conditions.
Both BNB filings show caution around staking. They prioritize direct BNB exposure while keeping staking outside the main launch plan, reflecting ongoing uncertainty over how staking rewards fit into regulated U.S. ETF products.
Canary Capital Chooses a Different Path: Staking Inside the Fund
Canary Capital took a distinct approach with its Canary Staked TRX ETF. The May 15 amendment (Amendment No. 1 to Form S-1) describes a fund that holds TRX and includes staking as a secondary investment objective. The product name itself incorporates staking, embedding the reward mechanism directly into the fund structure rather than excluding it.
Altcoin ETF Queue Keeps Expanding
The filings come as the broader altcoin ETF pipeline grows. Grayscale added TRX, HYPE, TON, ENA, and other assets to its Q2 2026 digital assets under review list, and has also filed for a spot HYPE ETF. Analysts expect altcoin momentum to depend partly on ETF approvals. Proposals tied to SOL, XRP, HBAR, LTC, and TRX remain under SEC review.