VanEck, Grayscale amend BNB ETF filings; Canary adds staked TRX

On Friday, VanEck filed Amendment No. 5 to its Form S-1 for a spot BNB ETF proposed to list on Nasdaq under the ticker VBNB. Grayscale filed Amendment No. 2 to its registration statement for a GBNB ETF that would also list on Nasdaq.

VanEck's amendment updates the trust prospectus. The filing says the fund would hold BNB directly and price shares against the MarketVector BNB Index. The proposal uses Nasdaq Rule 5711(d) for Commodity-Based Trust Shares. The document excludes staking at launch but includes conditional language that would permit staking if regulatory treatment changes. VanEck first submitted the S-1 in May 2025 and has amended it five times.

Grayscale's filing likewise proposes a trust that would hold BNB directly and list on Nasdaq under Rule 5711(d) with the ticker GBNB. Grayscale filed its initial S-1 in January and submitted a prior amendment in April.

An ETF analyst wrote on the social platform X that the parallel filings appear to respond to SEC feedback and may be part of preparations for a near-term launch.

Canary Capital's Amendment No. 1 to the Canary Staked TRX ETF S-1 names staking as a “secondary investment objective.” The filing proposes a sponsor-run staking program that would participate in Tron's proof-of-stake validation process to earn additional TRX for the fund. The amendment also filled previously blank service-provider fields: U.S. Bancorp Fund Services is listed as transfer agent and administrator; U.S. Bank as cash custodian; BitGo as TRX custodian; CSC Delaware Trust Company as trustee; and Canary Capital Group LLC as sponsor. The exchange, ticker and management fee remain undisclosed. Canary first filed the S-1 in April 2025.

Regulatory treatment of staking rewards remains unsettled. VanEck removed staking from its proposal in November after regulators raised questions about whether staking rewards constitute a security. VanEck's current filing keeps staking off the table at launch but includes conditional language that could allow it later. Canary's application explicitly builds staking into the fund's objectives.

BNB trades around $657 and ranks among the largest cryptocurrencies by market capitalization. TRX trades near $0.35. Each application must complete the SEC review process before a listing can occur, and issuers continue to revise prospectuses and disclose service providers in response to regulator questions.