The US securities regulator approved 21Shares' Hyperliquid ETF last week, adding to a growing number of cryptocurrencies converted into ETF wrappers in the US.
A daily close below $648 could open the door for another move toward the $578 support region.
Recent filings with the SEC suggest the Binance Coin (BNB) may be the next altcoin to get a spot ETF in the US. In particular, asset management firms VanEck and Grayscale have repeatedly amended their S-1 registration forms, reflecting regulatory guidance and increasing the likelihood of a launch.
Crypto markets turned cautious on Friday ET as a fresh wave of regulatory filings and institutional positioning data underscored how rapidly the U.S. spot ETF trade is evolving—just as risk appetite softened and derivatives liquidations spiked. The U.S. Securities and Exchange Commission (SEC) has acknowledged updated filings from VanEck and Grayscale tied to proposed exchange-traded funds tracking BNB (BNB), developments that observers say could signal incremental progress toward a new line of U.S.-listed crypto products beyond Bitcoin (BTC) and Ethereum (ETH).
VanEck and Grayscale updated BNB ETF filings as Canary pushed a staked TRX fund, adding pressure to the U.S. altcoin ETF race.
On May 16, both Grayscale Investments and VanEck submitted revised registration documents for spot Binance Coin exchange-traded funds to the U.S. Securities and Exchange Commission. These simultaneous submissions have reignited market focus on the native token of the Binance ecosystem and its potential trajectory toward becoming a regulated investment vehicle in the United States.
What is going on here, exactly? Two rival asset managers filing nearly identical regulatory updates on the same day — that's not a coincidence.
VanEck and Grayscale both submitted amendments to their BNB ETF filings on the same day, a notable synchronization that signals active engagement between issuers and the SEC on bringing a BNB-based exchange-traded fund to market.
Grayscale has submitted a second amended S-1 for its proposed spot BNB exchange-traded fund, a development Bloomberg ETF analyst James Seyffart says indicates active SEC engagement. Vaneck filed its own competing update on the same day.
Whales were aggressively positioning for the ETF debut, with some rotating out of ETH positions.
Grayscale Investments has taken another major step toward launching a spot BNB ETF in the United States by submitting a second amended S-1 registration statement to the U.S. Securities and Exchange Commission (SEC). The updated filing highlights the companys continued efforts to introduce a regulated investment product tied to BNB, the native cryptocurrency of the Binance ecosystem.
BNB Chain handles 40% of global stablecoin activity while 179,000 AI agents use its financial layer.