Grayscale and VanEck have amended their filings for spot Binance Coin (BNB) exchange-traded funds in the United States, moving closer to regulatory approval and potential launches. The moves follow the SEC's approval of 21Shares' Hyperliquid ETF last week, signaling continued momentum in the crypto ETF approval pipeline.
Both asset managers updated their S-1 registration statements with the SEC, a procedural step that typically precedes final approval. Grayscale's filing targets a spot BNB ETF while VanEck pursues a similar product. The amendments suggest both firms remain committed to bringing Binance's native token into the regulated ETF ecosystem, despite ongoing regulatory scrutiny of Binance and its leadership.
BNB has become a prime candidate for ETF conversion. The token ranks among the top five cryptocurrencies by market capitalization and trades on multiple US exchanges. A spot BNB ETF would mirror the trajectory of Bitcoin and Ethereum spot ETFs approved in 2024, which attracted institutional capital and retail participation at scale.
The SEC's approval of the 21Shares Hyperliquid ETF demonstrates the agency's willingness to greenlight new crypto ETF products beyond Bitcoin and Ethereum. Hyperliquid (HYPE) launched its token in October 2024 and rapidly climbed the market cap rankings. That approval suggests the regulator has moved past early skepticism about newer altcoin tokenomics and adoption patterns.
Binance faces persistent regulatory headwinds in the US. CEO Changpeng Zhao stepped down in 2023 following a guilty plea to money laundering charges, though the exchange continues operating. A spot BNB ETF would still require SEC sign-off despite these complications. The regulator has shown it can compartmentalize, approving Bitcoin spot ETFs while Bitcoin remains volatile and unregulated.
Approval timelines for amended ETF filings typically span weeks to months. Both Grayscale and VanEck likely expect decisions before mid-2025.