Grayscale and VanEck have filed amended S-1 registration statements for their proposed spot BNB exchange-traded funds (ETFs) in the U.S., signaling progress towards potential approval. Grayscale submitted its second amendment, while VanEck filed its fifth, as they seek to align with U.S. Securities and Exchange Commission (SEC) requirements. The filings are crucial for detailing the ETFs' structure, strategy, and associated risks. BNB, the fourth-largest cryptocurrency with a market cap of $87.4 billion, has yet to be included in the U.S. spot altcoin ETF offerings, which currently feature Solana, Litecoin, and XRP among others. Grayscale's application for the Grayscale BNB ETF (GBNB) was initially submitted in January 2026, while VanEck's application for the VanEck BNB ETF (VBNB) dates back to May 2025, proposing a 0.39% management fee. Despite the growing number of altcoin ETFs, market response has been tepid compared to Bitcoin and Ethereum products, which dominate net inflows.