Asset managers Grayscale and VanEck have filed amended registration statements in succession to launch a U.S. spot exchange-traded fund (ETF) tied to Binance Coin (BNB).

On May 18, local time, blockchain outlet Cointelegraph reported that the updated filings brought BNB a step closer to being considered for approval as a cryptocurrency ETF.

Grayscale filed a second amended S-1 registration statement for a spot BNB ETF on May 16, and VanEck submitted a fifth amendment. The S-1 is a key document that an ETF issuer must file during the U.S. Securities and Exchange Commission (SEC) approval process. It includes the ETF’s structure and management strategy, fees and risk factors.

The market views the amendments as a sign that discussions with the SEC are actually under way. Bloomberg ETF analyst James Seyffart said of Grayscale’s amended filing that it is presumed to be pushing for a launch in the near term, and that BNB could become the next cryptocurrency in the United States to be approved for a spot ETF.

Grayscale first filed a related application in January, but has not yet disclosed a fee. VanEck first applied in May 2025 for the “VanEck BNB Spot ETF” and has previously proposed a management fee of 0.39 percent.

BNB is the fourth-largest cryptocurrency, with a market capitalization of $87.4 billion. It is not yet included in the list of U.S. spot altcoin ETFs. Spot altcoin ETFs tracking Solana, Litecoin, XRP and Hyperliquid have already appeared in the market.

This trend has become more pronounced since the SEC introduced a general listing standards process in September last year, instead of a case-by-case review approach. Since then, the number of spot altcoin ETFs has increased, and Wall Street asset managers are also testing various structures such as staking products, leveraged strategies, futures-linked products and multi-asset index funds.

Inflows into newly launched spot altcoin ETFs vary widely by product. A Hyperliquid spot ETF issued by 21Shares recorded net inflows of only $1.2 million on May 14, its first trading day, after being approved last week. By contrast, the Bitwise Solana Staking ETF drew $69.5 million on its first trading day after listing in October last year, and the Canary XRP spot ETF saw $245 million flow in on its first trading day within a few weeks of its debut in November that year.

Funds remain concentrated in spot Bitcoin and spot Ether ETFs. Since their launch in 2024, the two categories have accumulated net inflows of $58.4 billion and $11.8 billion, respectively. A U.S. spot Solana ETF has also recently surpassed $1 billion in net inflows and now stands at $1.11 billion.

Even if a spot BNB ETF is approved, whether it will immediately draw large inflows remains a separate variable. Still, with the base of spot altcoin ETFs broadening after the SEC’s review framework changed, the latest S-1 amendments are being seen as the next step in gauging whether BNB can be incorporated into the U.S. ETF market.