VanEck and Grayscale Submit BNB Spot ETF Amendments to SEC: 2026 Altcoin ETF Approval Race Intensifies

According to disclosure filings submitted to the U.S. Securities and Exchange Commission (SEC) on Friday, May 15, 2026, asset management giants VanEck and Grayscale each submitted new amendments for the launch of spot BNB exchange-traded funds (ETFs). This submission suggests that competition in the altcoin financial product market, targeting the next opportunity following the approval of spot Bitcoin and Ethereum ETFs, has reached a tipping point. Issuers are refining detailed structures to meet the regulatory authorities' strict review standards and testing the possibility of approval.

On the same day, Canary Capital also expanded the scope of altcoin-based financial products by submitting an amendment for the first-ever staked TRX ETF. These simultaneous amendment filings reflect the high interest of institutional investors in hybrid products that can create additional value, such as staking rewards, beyond simple asset holding. Despite the SEC maintaining a cautious stance regarding the volatility and security status of the altcoin market, the industry's offensive is intensifying.

Currently, the number of cryptocurrency-related ETF applications awaiting a final decision from the SEC in the U.S. market is estimated to reach a total of 92. This is an indicator that the altcoin ETF craze, which began in the second half of 2025, is leading to full-scale attempts to enter the mainstream financial system in 2026. In particular, major altcoins led by Solana and XRP are at the forefront of the ETF approval race, raising market expectations.

Experts point to the period between the second quarter and early third quarter of 2026 as a significant watershed moment that will determine the direction of the digital asset market. The SEC faces a legal deadline to provide definitive answers on numerous ETF applications by March 27, 2026. This regulatory schedule is a key background for issuers focusing on submitting amendments in mid-May for final adjustments.

The amendment (S-1/A) submitted by Grayscale clarified that its BNB ETF will operate based on a Delaware Statutory Trust structure. According to the SEC EDGAR database, the trust was established on January 8, 2026, and is registered and managed under CIK number 0002106762. Through this amendment, Grayscale focused on further detailing its asset custody and management systems to address security and transparency concerns raised by regulatory authorities.

The window between the second and third quarters of 2026 will be a defining moment that determines whether digital assets fully settle into institutional finance.

VanEck is also working closely with the Nasdaq exchange for the listing of its BNB ETF, having finalized the ticker 'VBNB' and proceeding with the relevant steps. They have already begun official requests for the launch of a BNB spot ETF since May 2025, and this amendment focuses on supplementing details reflecting Nasdaq listing requirements and the SEC's latest guidelines. VanEck's continuous efforts demonstrate a strong commitment to making BNB the third major asset to receive spot ETF approval, following Bitcoin and Ethereum.

Expansion of the Altcoin ETF Race: Solana, XRP, and TRX

In addition to BNB, applications for ETFs based on Solana and XRP are lining up, diversifying market competition. Major asset managers such as Bitwise and 21Shares have been pushing for XRP ETF approval since 2024, and in the case of Solana, it is reported that billions of dollars in institutional funds are ready to flow in simultaneously with the ETF launch. The staked TRX ETF being pursued by Canary Capital is structured to distribute network participation rewards to investors, presenting a revenue model on a different level from existing spot ETFs.

• Solana: Billions of dollars in institutional funds are waiting for the ETF launch, and it is expected to have the greatest market impact.
• XRP: Bitwise, 21Shares, and others have been pushing for approval since 2024, but regulatory uncertainty still exists.
• TRX: Attempting differentiation with a hybrid product that includes staking rewards, submitted by Canary Capital.

The market is showing an immediate response to these attempts to enter institutional finance. As of May 17, 2026, the price of BNB is trading at around $653.29, which is a slight correction from the $690 peak recorded earlier this week. However, compared to the $580 low recorded last April, it maintains a solid recovery trend, and daily trading volume is also proving high liquidity, ranging between $700 million and $1.6 billion. Investors are paying attention to whether BNB can reclaim the $1,000 mark as the possibility of ETF approval increases.

In conclusion, the submission of these amendments by VanEck and Grayscale is an important signal that could change the landscape of the cryptocurrency market in the second half of 2026. The key is whether the SEC will stick to its past conservative stance or recognize the maturity of the market and open the doors to altcoin ETFs. Regulatory feedback over the next few weeks and the results of major prediction markets scheduled for June 1 are expected to be decisive indicators for investors in establishing future portfolio strategies.