VanEck and Grayscale Update BNB ETF Filings: Simultaneously Remove Staking, Accelerate Nasdaq Listing

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VanEck and Grayscale simultaneously submitted amendments to their BNB spot ETF applications to the SEC on May 16, 2026, with both parties removing the Staking feature from their applications — a move viewed as a strategic choice to proactively reduce regulatory friction. (Recap: SEC delays Ethereum spot ETF staking, "all ETH bullish factors gone," earliest rebound may have to wait until June) (Background: Is BNB's new high not driven by sentiment? Is the $1,000 outlook too small under mainstream investment?) VanEck and Grayscale synchronously submitted the latest amendments for their BNB spot ETFs to the U.S. Securities and Exchange Commission (SEC) on the 16th (the former filing its fifth amendment, the latter filing its second amendment). The core changes in both filings are highly consistent: removing the Staking feature from the application. In its amended filing, VanEck explicitly stated: "There can be no assurance that the Trust will engage in any staking activities," and supplementally noted that BNB "for the foreseeable future and indefinitely" will remain unstaked. However, the filing also retains flexibility: should a decision be made in the future to initiate staking, shareholders will be notified in advance through an announcement. VanEck's BNB ETF plans to list on Nasdaq under the ticker VBNB. Grayscale's second amendment also chose to file for listing on Nasdaq, with the direction of the amendment mirroring VanEck's. Bloomberg ETF analyst James Seyffart commented on this: BNB could be the next crypto asset to launch a spot ETF in the United States. NEW: Another amended S-1 from @Grayscale on the binancecoin:native ETF (this is the 2nd) have to guess they are going off feedback from SEC and trying to launch in near future? Could be the next crypto asset to get a spot ETF in the US pic.twitter.com/dxOsTjkx43 — James Seyffart (@JSeyff) May 15, 2026 BNB ETF Race Timeline: VanEck First, Grayscale in Hot Pursuit VanEck was the first U.S. asset management company to file for a spot BNB ETF, with its initial application dating back to May 2025. Grayscale followed on January 23, 2026, entering the race approximately 8 months later. However, despite Grayscale being a latecomer, the amendment frequency and timing of both firms are nearly synchronized, indicating that both are closely tracking the SEC's response cadence. Removing staking was not an accidental decision. The SEC has previously taken a hardline stance on Grayscale and VanEck's Ethereum ETF staking applications, repeatedly delaying reviews; this proactive abandonment of staking in the BNB ETFs is precisely a strategic adjustment after learning lessons from the Ethereum ETF: first seek approval, and leave the staking feature for future discussion. BNB's Market Landscape and Regulatory Risks BNB is currently priced at approximately $651, with a market capitalization of around $87.7 billion, making it the third-largest cryptocurrency by market cap after Bitcoin and Ethereum (excluding stablecoins). The substantial market capitalization is the motivation for asset management companies to rush in. However, VanEck also candidly acknowledged the risk in its filing: there is a possibility that BNB could be classified as a "security" by the SEC, which, if established, would pose a direct threat to the ETF's future. Removing the staking feature is precisely an attempt to reduce regulatory friction in this regard.

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