Grayscale updated its BNB ETF S-1 filing while VanEck submitted a 5th amended prospectus.
That matters because repeated amendments usually signal active regulatory discussions, not abandoned applications.
BNB is also easier for institutions to evaluate compared to smaller assets:
Large liquidity
Established ecosystem
Utility across staking, fees, payments, and DeFi
The bigger picture is growing institutional attention around blockchain infrastructure assets, not just speculative trading.