Asset manager VanEck has filed an updated S-1 amendment with the U.S. Securities and Exchange Commission (SEC) on November 21, 2025, moving its proposed spot BNB exchange-traded fund (ETF) closer to approval. The filing, which amends the original May 2 submission, confirms the ETF will trade under the ticker VBNB on Nasdaq and hold physical BNB, tracking the MarketVector BNB Index.
However, VanEck explicitly stated that the Trust will not engage in staking activities for BNB at the time of listing, and there is no assurance it will do so in the future. This contrasts with VanEck's recently launched Solana ETF, which offers staking yields. The filing warns that avoiding staking could cause the ETF's performance to lag behind direct BNB holdings, as investors would forgo potential rewards.
The move hints at regulatory concerns, as VanEck acknowledged that BNB may be considered a security based on current facts or future SEC or court determinations. If BNB is deemed a security, VanEck may dissolve the ETF. This caution stems from past SEC lawsuits against Binance, Coinbase, and Kraken, where BNB was among 68 assets labeled as securities in 2023, though a federal court later found secondary sales did not constitute security transactions.
The updated filing comes amid a wave of altcoin ETF approvals, including recent launches for DOGE and XRP, signaling growing institutional acceptance. VanEck's progress could mark a milestone for the BNB Chain ecosystem, providing traditional investors with direct access to BNB and validating the network despite regulatory pressures.
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