- Grayscale and VanEck submitted new amendments for their proposed spot BNB ETF applications.
- The SEC continued reviewing multiple altcoin ETF filings, including TRX and actively managed funds.
- BNB ETF proposals face added scrutiny due to the SEC’s past claims that BNB is a security.
Grayscale and VanEck submitted new amendments for their proposed spot BNB ETFs as the SEC continued reviewing multiple crypto investment products. Bloomberg ETF analyst James Seyffart said Grayscale filed a second amended S-1, while VanEck submitted its fifth amended prospectus on the same day. Canary Capital and T. Rowe Price also updated separate crypto ETF filings.
Grayscale Submits Second BNB ETF Amendment
According to James Seyffart, Grayscale’s latest amendment suggests the company is responding to SEC feedback during the review process. The filing relates to the proposed Grayscale BNB Trust, which would hold BNB directly.
The preliminary prospectus listed BitGo Bank and Trust as custodian for the proposed fund. Bank of New York Mellon would serve as transfer agent and administrator.
Meanwhile, VanEck filed its fifth amended prospectus tied to its own BNB ETF application. The company had previously established a Delaware trust connected to the proposed product.
Seyffart noted that several amendment rounds commonly happen during SEC crypto ETF reviews. However, the regulator has not approved any spot BNB ETF product.
SEC Continues Reviewing Altcoin ETF Filings
The BNB filings arrived as the SEC reviewed additional crypto ETF proposals beyond Bitcoin and Ethereum products. Canary Capital submitted its first amended filing for a staked TRX ETF tied to Tron.
At the same time, T. Rowe Price filed a fourth amendment for its actively managed crypto ETF application. Those filings indicated ongoing SEC engagement with several crypto issuers.
However, BNB faces separate regulatory challenges linked to the SEC’s litigation against Binance and Changpeng Zhao. The agency previously argued that BNB qualifies as a security in court filings.
Issuers Expand Beyond Bitcoin and Ethereum
Asset managers continue pursuing investment products tied to alternative cryptocurrencies after spot Bitcoin and Ethereum ETF approvals. Recent applications have included Solana, XRP, DOGE, HYPE, and BNB products.
The proposed BNB ETFs would allow investors to gain exposure through brokerage accounts without directly holding tokens. Separate 19b-4 filings would still be required before any exchange could list the products.
