The BNB Spot ETF is coming? VanEck and Grayscale rush to file supplements, as the US altcoin ETF battle heats up again

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Following Bitcoin and Ethereum, Wall Street's race to position itself for "altcoin spot ETFs" is intensifying. Last Friday, the U.S. Securities and Exchange Commission (SEC) received two prospectus amendments in succession, signaling that the competition between VanEck and Grayscale to launch the first "BNB spot ETF" in the United States may have entered its final sprint. VanEck and Grayscale File Simultaneously — BNB ETF Listing Countdown? VanEck submitted a revised S-1 registration statement for its BNB ETF, which is expected to be listed on the Nasdaq exchange under the ticker "VBNB." Since first filing the application in May last year, VanEck has maintained steady back-and-forth communication with the SEC, continuously fine-tuning document details, and this is now its 5th amendment. On the other hand, Grayscale also submitted its second amendment on the same day. If approved, this fund will also be listed on Nasdaq, under the ticker "GBNB." Bloomberg ETF analyst James Seyffart pointed out on the social platform X that the two issuers' synchronized pace strongly suggests they are intensively responding to the SEC's review comments, and are very likely targeting a near-term listing timeline. He speculated that BNB is very likely to become the next crypto asset to successfully clear the hurdle and launch a spot ETF on U.S. equity markets. It is worth noting that, in order to ensure smooth approval, both issuers have deliberately excluded the "staking" feature from the initial listing structure. Considering that U.S. regulators still harbor doubts over "whether staking yields should be classified as securities," VanEck decisively removed this feature back in November last year — although both proposals still retain provisions allowing staking to potentially be activated in the future. Going forward, both trusts will directly hold BNB and will be listed under Nasdaq Rule 5711(d) regarding "Commodity-Based Trust Shares." Among them, VanEck's product will use the MarketVector BNB Index as its pricing benchmark. As of the time of writing, BNB is trading at approximately $642.90, down 1.9% over the past 24 hours, and currently holds firmly the position of the 4th largest cryptocurrency by market capitalization globally. Canary Pushes Hard on Tron ETF Just as the BNB spot ETF is gearing up for launch, asset management firm Canary Capital is also going all-out to advance its own altcoin product. Last Friday, Canary filed the first S-1 amendment for its "Canary Staked TRX ETF," directly listing staking as a "secondary investment objective" of the fund, explicitly stating that it will earn additional TRX rewards through participation in Tron's Proof-of-Stake (PoS) validation mechanism, and pass those rewards back to investors. In addition, this amendment also filled in the previously blank list of service providers in the prospectus. U.S. Bancorp Fund Services will serve as transfer agent and administrator; U.S. Bank will be responsible for cash custody; and crypto custody giant BitGo will take on the critical role of custodian for TRX digital assets. As for the trustee and issuer, they will remain CSC Delaware Trust Company and Canary Capital Group, respectively. However, details such as the exchange where the fund will be listed, the ticker symbol, and the management fee rate are currently still confidential. Beyond BNB and TRX, the lineup of crypto asset ETFs queuing up to be listed on Wall Street continues to grow. Just last week, the Hyperliquid (HYPE) ETF issued by 21Shares already got listed ahead of others, with Bitwise's BHYP following closely behind, listing last Friday. The era of altcoin ETFs flourishing in vibrant competition has officially begun.

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