- Asset managers Grayscale and VanEck filed amended S-1 forms for spot BNB ETFs on Friday, advancing the funds toward potential SEC approval.
- The moves signal the possible expansion of US-listed crypto ETFs beyond Bitcoin, Ether, and early altcoins like Solana and XRP.
- Reception to the latest altcoin ETF has been mixed, with the new Hyperliquid product attracting far less capital on its debut than its predecessors.
Two major asset managers, Grayscale and VanEck, filed amended S-1 registration statements with the SEC on Friday for spot Binance Coin (BNB) exchange-traded funds, bringing the world’s fourth-largest cryptocurrency closer to a US-listed ETF. This step follows the firms’ initial filings and responds to regulatory feedback, a common process in the approval pathway, according to Bloomberg ETF analyst James Seyffart who suggested a launch could be imminent.
Consequently, the crypto market could soon see its next major altcoin ETF. However, BNB, with a market cap of $87.4 billion, has been notably absent from the growing US spot ETF landscape.
The recent filings include Grayscale’s second amendment for its Grayscale BNB ETF and VanEck’s fifth amendment for its VanEck BNB ETF. Meanwhile, Seyffart noted, “have to guess they are going off feedback from SEC and trying to launch in near future? Could be the next crypto asset to get a spot ETF in the US.”
This push comes as the number of altcoin ETFs has expanded following a regulatory change last September. However, reception to the newest spot altcoin ETF has been lukewarm compared to earlier launches.
Specifically, the 21Shares-issued Hyperliquid ETF attracted only $1.2 million in net inflows on its opening day. By contrast, the Bitwise Solana Staking ETF pulled in $69.5 million on its debut, and the Canary XRP ETF attracted $245 million.
The lion’s share of investment remains in Bitcoin and Ether ETFs, which have amassed $58.4 billion and $11.8 billion, respectively. US-based Solana ETFs recently crossed the $1 billion milestone, currently sitting at $1.11 billion.
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