Grayscale submitted the third version of the BNB ETF S-1 amendment to the U.S. SEC, with the code GBNB

Grayscale has submitted its third amendment to the S-1 registration statement for its proposed Grayscale BNB ETF (ticker: GBNB), continuing a regulatory approval process that commenced with the initial filing on January 23, 2026. The Delaware statutory trust, which would issue common units of fractional undivided beneficial interest in the fund, is headquartered at Grayscale's Stamford, Connecticut offices under the sponsorship of Grayscale Investments Sponsors, LLC, with Edward McGee serving as Chief Financial Officer for the registration.

The repeated amendments underscore an active dialogue between Grayscale and the Securities and Exchange Commission regarding the product structure and compliance framework. This procedural pattern mirrors the approach taken by VanEck, which submitted its fifth S-1 amendment for its competing spot BNB ETF (VBNB) as of May 15, 2026. Both firms are pursuing spot BNB ETF approvals concurrently, indicating substantial institutional and retail demand for direct Binance Coin exposure through regulated exchange-traded vehicles.

Grayscale has not yet disclosed a management fee for GBNB in available filings, a disclosure typically finalized in later stages of the SEC review process. The company's recent success in launching the Grayscale Solana Trust ETF (GSOL) on NYSE Arca in October 2025—the first of Grayscale's staking products to uplist as an exchange-traded product—demonstrates operational and regulatory competency in bringing crypto investment vehicles to market. The sequential approvals of Solana and now pending BNB ETF filings suggest the SEC's evolving openness to spot cryptocurrency ETFs beyond Bitcoin and Ethereum, potentially marking a shift in regulatory posture toward altcoin-based investment products. Continued amendments signal that approval timelines remain fluid, though the frequency of filings reflects concrete momentum toward eventual launch.