Two major asset managers have advanced their cryptocurrency exchange-traded fund (ETF) proposals with the U.S. Securities and Exchange Commission (SEC), reflecting persistent institutional demand for regulated digital asset exposure. On May 16, 2026, T. Rowe Price submitted a fourth amended S-1 registration statement for its T. Rowe Price Active Crypto ETF, while Grayscale Investments filed a second amendment for a spot BNB ETF, according to Bloomberg ETF analyst James Seyffart.
The T. Rowe Price amended application outlines an actively managed fund that would hold a diversified basket of 15 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Litecoin (LTC), Polkadot (DOT), Dogecoin (DOGE), Hedera (HBAR), Bitcoin Cash (BCH), Chainlink (LINK), Stellar (XLM), Shiba Inu (SHIB), and Sui (SUI). The active management structure allows the fund’s managers to adjust holdings and weightings based on market conditions, distinguishing it from passive, single-asset spot ETFs that have already gained approval. The repeated amendments suggest ongoing dialogue between the $1.6 trillion asset manager and SEC staff, aimed at addressing regulatory concerns around multi-crypto investment products.
Grayscale’s second amended S-1 for a spot BNB ETF marks another step in its effort to offer a regulated vehicle tied directly to Binance’s native token. BNB faces unique hurdles; the SEC has classified it as a security in its lawsuit against Binance and founder Changpeng Zhao. Grayscale’s amendment may propose safeguards such as third-party custody or surveillance-sharing agreements to mitigate regulatory risks. “The SEC has been deliberate in its approach to crypto ETFs, and BNB faces unique regulatory hurdles,” Seyffart noted, adding that while the amendment shows Grayscale is engaging with the SEC’s feedback, approval is not guaranteed.
The regulatory landscape for crypto ETFs has evolved since spot Bitcoin and Ethereum ETFs were approved in 2024. However, the SEC has yet to greenlight any fund containing a broad array of altcoins or tokens with ongoing legal uncertainties. If approved, T. Rowe Price’s Active Crypto ETF would provide mainstream investors with a professionally managed, diversified on-ramp to digital assets, while a BNB ETF from Grayscale would deepen institutional access to a token central to the Binance ecosystem. Both filings underscore the industry’s push to expand beyond Bitcoin and Ethereum, though final SEC rulings remain unpredictable.
