Vaneck Digital Assets has submitted an updated SEC Form S-1 for its proposed BNB ETF, aiming for a Nasdaq listing under the ticker VBNB. Filed on November 21, 2025, the ETF intends to track the price of BNB tokens via the Marketvector BNB Index, without employing derivatives or leverage. The filing details operational aspects, including the use of Authorized Participants for basket transactions and potential future staking through third-party providers. The ETF is not registered under the Investment Company Act of 1940 and is not overseen by the CFTC. It is characterized as speculative, with inherent risks due to the volatility of BNB and custody issues. This move marks a significant step in expanding investment options in the cryptocurrency sector.