Grayscale and Vaneck Amend BNB ETF Filings Amid SEC Review
- Grayscale filed a second amended S-1 for its BNB ETF on May 16, indicating active engagement with the U.S. Securities and Exchange Commission (SEC).
- Vaneck updated its competing BNB ETF application simultaneously, marking the first dual amendment of this kind.
- Both firms are in active amendment cycles with the SEC, aiming to list their products on Nasdaq under the ticker GBNB.
- Coinbase will serve as custodian for both Grayscale and Vaneck’s BNB ETFs, similar to their Bitcoin and Ethereum funds.
- BNB has a market capitalization exceeding $87 billion, ranking it as the third-largest crypto asset by market cap after Bitcoin and Ethereum.
The amendments by Grayscale and Vaneck suggest a competitive push to secure approval for their spot BNB ETFs from the SEC, reflecting a broader race akin to previous Bitcoin and Ethereum ETF launches. The absence of staking in filings highlights regulatory caution regarding securities law requirements.
The simultaneous filing updates underscore the urgency among issuers to capture early institutional inflows upon potential approval, leveraging Coinbase’s custodial services for fund security. (Source)
