Leading investment firms VanEck and Grayscale have amended their spot exchange-traded fund (ETF) applications with the U.S. Securities and Exchange Commission (SEC) for BNB, the native cryptocurrency of the Binance smart contract ecosystem.
The race for spot BNB ETF heats up
Earlier Monday, crypto ETF analysts shared their thoughts on the recent updates on VanEck and Grayscale’s updates on the BNB ETF application with the U.S. SEC.
Notably, the two firms amended their respective S-1 filings with the financial regulator, intensifying the race to launch the first U.S. spot BNB ETF. While it was Grayscale’s second amendment, For VanEck, it was their fifth update.
Bloomberg ETF analyst James Seyffart dubbed the updates as “reflecting direct SEC feedback.” The analyst insinuated that the financial watchdog’s engagement with the investment firms is a positive signal, adding that BNB “could be the next crypto asset to get a spot ETF in the U.S.”
It’s worth highlighting that despite being the 4th-largest digital asset by reported market cap of more than $86.6B, BNB is yet to have its own U.S. spot ETF. Meanwhile, cryptocurrencies with smaller market caps like Solana, XRP, and Hyperliquid already have their spot ETFs.
Back in September 2025, the SEC had introduced a generic listing standards process for listing altcoin-based ETFs. Since then, the number of altcoin-based spot ETFs has risen significantly, as the updated process replaced the erstwhile time-consuming case-by-case application review framework.
Is the market underestimating BNB?
After creating a high of $1,373 back in October 2025, BNB’s price fell off a cliff, losing more than 50 percent of its value in 7 months. As of Monday, the digital asset is trading slightly above $640, with a firm support around the $590 to $610 range.
Diego Martin, CEO, Yellow Capital remarked that BNB short-term price action should be read as a “positioning trade” first. Martin added:
“The VanEck and Grayscale S-1 amendments give traders a cleaner reason to price in ETF optionality, but the move is still dependent on whether BNB can hold the recent support zone and reclaim the area it lost after testing the high-$600s. The filing updates matter because they show the ETF process is active. These are amended filings, so the market will read them as a sign that issuers are responding to SEC feedback rather than simply parking an application. That can support near-term demand from traders who want exposure before a possible approval window becomes clearer.”
Don’t bank entirely on the ETF
In an X post on Saturday, crypto trader Decrypted shared the following 1-hour chart for BNB, suggesting that the cryptocurrency is eyeing the blue order block which could propel it to as high as $690.
Further, Martin noted that for BNB, the key-issue currently is follow-through. He opined that if the digital asset moves back to the $680 to $690 area with volume, then the ETF narrative can quickly become a momentum trade. However, he cautioned against treating the filing amendment itself as a straight path to a sustained rally for BNB. Martin said:
“The market has already learned from other crypto ETF cycles that the strongest moves often happen before approval, when traders are pricing probability rather than confirmed flows. Once the story becomes widely understood, price action depends on liquidity, broader crypto risk appetite and whether there is real evidence of institutional demand.”
Martin concluded by saying that he’s primarily focused on three major factors to determine BNB’s future trajectory. First, whether BNB holds above the mid-$600s level. Second, if BNB’s spot volume expands rather than just open interest, and finally, whether ETF-related buying spills over into BNB Chain tokens.
A great deal of where BNB may be headed will depend on the result of its spot ETF application. Even if approved, it may not automatically be a bullish development for the digital asset, as was seen with Hyperliquid’s HYPE token on May 13.