$BNB Spot ETF Race Heats Up as Grayscale and VanEck File Updates Same Day

Grayscale filed a second amended S-1 for a proposed spot BNB ETF and VanEck submitted a near-identical update the same day, signaling an active race to secure first-mover advantage with the SEC. Grayscale’s second amendment indicates ongoing dialogue with regulators, while VanEck’s concurrent filing keeps it competitive. Approval of a spot BNB ETF would likely lift BNB price and volumes and could reopen the door for other crypto spot ETF applications, creating broader institutional demand across digital assets. However, BNB’s regulatory baggage and uncertain SEC stance mean approval is far from guaranteed; markets may price in both upside expectation and regulatory risk in the coming weeks. Monitor SEC feedback, BNB trading activity, and flows into crypto products.