Catenaa, Thursday, May 21, 2026- Asset managers VanEck and Grayscale filed updated applications for spot BNB exchange-traded funds on Friday while Canary Capital advanced a separate staking-based Tron ETF proposal, signaling intensifying competition to launch the next major altcoin investment products in the United States.
VanEck submitted Amendment No. 5 for its proposed VanEck BNB ETF, which is expected to trade on Nasdaq under the ticker VBNB if approved.
The filing marks the latest revision since the company originally submitted the proposal in May 2025.
Grayscale also filed Amendment No. 2 for its own BNB ETF proposal on Friday.
If approved, Grayscale’s product would trade on Nasdaq under the ticker GBNB.
Bloomberg Intelligence ETF analyst James Seyffart said the parallel filings suggest both firms may be responding to feedback from the US Securities and Exchange Commission.
Analysts believe the coordinated updates could indicate the SEC review process is entering a more advanced stage.
Seyffart said BNB could potentially become the next cryptocurrency approved for a US spot ETF after bitcoin and ethereum-related products.
Both BNB ETF filings continue excluding staking rewards at launch. VanEck removed staking features from its proposal last year amid ongoing uncertainty surrounding whether staking income could be treated as a security under US law.
However, both filings still contain conditional language that may allow staking in the future if regulations become clearer.
The proposed trusts would hold BNB tokens directly and operate under Nasdaq commodity-based trust share rules.
VanEck’s fund would track pricing using the MarketVector BNB Index.
BNB traded near $657 on Friday and remained the fourth-largest cryptocurrency by market capitalization. Meanwhile, Canary Capital moved forward with a separate crypto ETF focused on Tron’s native TRX token. The Nashville-based asset manager filed its first amendment for the Canary Staked TRX ETF.
Unlike the BNB proposals, Canary formally included staking as part of the product’s investment strategy. The filing said the trust would generate additional TRX rewards through participation in Tron’s proof-of-stake validation system. Canary also finalized several operational details that were missing from its original filing submitted earlier this year.
US Bancorp Fund Services would serve as administrator and transfer agent. US Bank would operate as cash custodian, while BitGo would safeguard the TRX holdings. The exchange listing venue, ticker symbol and management fee remain undisclosed.
The growing number of filings reflects increasing competition among asset managers seeking approval for altcoin-based investment products.
Earlier this week, 21Shares launched the first Hyperliquid ETF ahead of competing products from Bitwise and Grayscale. The expansion of crypto ETFs beyond bitcoin and ethereum marks a major shift in the US digital asset investment market.
Asset managers are increasingly betting that regulators may approve broader access to alternative cryptocurrencies through regulated exchange-traded products.
Industry analysts said the SEC’s handling of staking provisions may become one of the most closely watched issues in the next phase of crypto ETF approvals.
