Binance Coin (BNB) may soon become the ninth altcoin to win a U.S. spot ETF after two issuers refreshed their applications with regulators on Friday.
Two Filings Land Same Day
Grayscale and VanEck each submitted amended S-1 prospectuses with the U.S. Securities and Exchange Commission, according to Bloomberg ETF analyst James Seyffart, who flagged the moves on X.
VanEck's filing marks its fifth amendment. For Grayscale, the update is the second round of edits since the firm joined the race earlier this year.
Seyffart said the back-and-forth points to active SEC feedback. He added that the timing suggests the two issuers are positioning for a launch in the near future.
VanEck was the first U.S. asset manager to propose a spot BNB product back in May 2025. Grayscale filed its own S-1 in January 2026, with plans to convert its existing BNB Trust into an ETF listed on NYSE Arca.
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Why The Edits Matter
If cleared, BNB would join Ether (ETH), Solana (SOL), XRP (XRP), Chainlink (LINK), Hedera (HBAR), Avalanche (AVAX), Litecoin (LTC) and Hyperliquid (HYPE) on the list of altcoins backing approved U.S. spot ETFs. The token's market structure has begun to reflect the prospect.
Some large holders have already shifted exposure ahead of any decision. One whale moved roughly $50 million out of Ether and into BNB this month.
The BNB/ETH ratio, which tracks relative performance between the two tokens, climbed about 12% over the past two weeks, signaling BNB outperformance. BNB traded near $660 at press time.
What Came Before
A leveraged BNB product already trades stateside. Teucrium and xETFs launched the XBNB fund on NYSE Arca on Apr. 28, offering 2x daily exposure to BNB through swaps rather than direct token holdings.
That product was the first U.S.-listed exchange-traded vehicle tied to BNB price moves. It is structured for short-term traders, not long-term holders, due to daily resets and volatility decay.
Spot ETFs work differently. They hold the underlying asset, which tends to attract steadier institutional flows than derivatives-based vehicles. The 2024 Bitcoin and 2025 Ethereum approvals followed the same dual-filer template now playing out for BNB.
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