Key Highlights
- Grayscale submitted Amendment No. 2 for its proposed spot BNB ETF with the SEC.
- The ETF is planned to trade on Nasdaq under the ticker symbol GBNB.
- The amended filing includes updated custody and redemption structure details.
Grayscale Investments, a digital asset management firm, has filed Amendment No. 2 to its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) regarding the proposed Grayscale BNB ETF. The revision mainly addresses SEC feedback, indicating increased progress toward eventually listing the fund, proposed to trade under the ticker GBNB on Nasdaq.
The updated filing, submitted on May 15, 2026, represents another step forward for Grayscale as they seek to provide regulated and direct exposure to BNB, the native token of the BNB Smart Chain. The filing includes primary service providers such as BitGo Bank & Trust, N.A., as custodian; The Bank of New York Mellon as transfer agent and administrator; and CSC Delaware Trust Company as trustee.
Filing includes revised operational details
The filing mentions a making and redemption mechanism, permitting authorized participants to transact in-kind with BNB or via cash orders in baskets of 10,000 shares.
The updated S-1 is in response to the initial filing of Grayscale Investments in January 2026, and it shows their continued negotiations with the SEC concerning custody, surveillance agreements, and issues on market manipulation. These factors played a significant role in the approvals granted to the ETFs for spot Bitcoin and Ethereum in 2024.
As the amended S-1 marks procedural progress, it does not indicate SEC approval; the registration process may further include various rounds of amendments, and investors should oversee further SEC feedback and decisions.
Altcoin ETF filings continue to grow
Last month, asset management firm 21Shares filed Amendment No. 2 to its S-1 registration statement for its spot Hyperliquid ETF. The filing, made with the SEC on April 14, 2026, seeks to list the ETF on Nasdaq under the ticker THYP.
The ETF will aim to replicate the price of the native token HYPE of the decentralized perpetuals exchange Hyperliquid using the FTSE Hyperliquid Index. The ETF will be sponsored by 21Shares US LLC, which operates as a subsidiary of FalconX-backed 21co Holdings.
Additionally, VanEck filed Amendment No. 3 to its S-1 filing related to its VanEck Avalanche ETF in December 2025. The updated filing looks to improve the operational mechanisms and relationships with service providers.
The ETF will hold the AVAX tokens in cold storage at Coinbase Custody Trust Company. Such filings indicate increasing institutional support for altcoin spot ETFs after the approval of similar products for Bitcoin and Ethereum.
SEC in focus
The SEC’s eventual decision on Grayscale’s BNB ETF will be closely watched as another test of regulatory appetite for spot altcoin funds.
If approved, the ETF would offer investors a regulated way to gain exposure to BNB through traditional brokerage accounts.
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