VanEck has amended its proposed spot BNB exchange-traded fund, ticker VBNB, to add staking as a secondary investment objective, according to a filing with the U.S. Securities and Exchange Commission. The update also designates Figment, an institutional staking infrastructure provider, as the product's staking provider.

What VanEck Changed in the VBNB Proposal

The amendment, submitted to the SEC on September 25, 2026, revises the fund's stated objectives so that staking sits alongside — not in place of — spot BNB exposure. The fund's primary goal remains tracking the price of BNB, the native token of the BNB Chain network, and staking is explicitly framed as secondary.

VanEck has previously amended its BNB ETF application alongside Grayscale, reflecting the iterative back-and-forth with regulators that is common in the crypto ETF approval process. VBNB remains a proposed product and has not received regulatory approval; investors should treat this update as a disclosure change in a pending filing, not a launch announcement. For related coverage, see Data: VanEck's ETF Wallet Sold About $10.76 Million in BTC and ETH via Gemini.

Figment's Appointment and the Staking Component

VanEck named Figment, an institutional staking infrastructure provider, to handle the staking operations described in the amended filing, per Eck's accompanying 8-K disclosure. Staking generally involves committing tokens to support a blockchain network's operations, with rewards distributed to participants in return. The filing does not disclose fee arrangements or operational terms beyond the appointment itself. Figment's role is tied specifically to the staking objective added in this amendment; no broader operational mandate is described in the available source material.

The pairing of a spot ETF with a staking component mirrors a structure seen elsewhere in the crypto ETF space. Bitwise incorporated staking exposure into its Avalanche ETF, and the question of how staking yield integrates with ETF mechanics has drawn ongoing scrutiny from regulators and fund managers alike.

Why the VBNB Update Matters for BNB ETF Investors

Adding staking as a secondary objective distinguishes VBNB from a pure spot vehicle. A spot BNB ETF would give investors price exposure to BNB without any yield component; the amended proposal suggests the fund could also generate staking rewards on the BNB it holds, subject to final approval and product terms.

The distinction between spot exposure and staking yield carries regulatory weight. The SEC has scrutinized staking in other crypto product contexts, and how the agency responds to this amendment could influence whether, and in what form, VBNB ultimately receives approval. The debate between liquid staking mechanisms and staking-integrated ETFs remains active, with regulators yet to establish settled framework.

VanEck has navigated similar product iterations before. The firm launched an Avalanche ETF on Nasdaq after a comparable filing and amendment process, demonstrating that iterative SEC engagement can eventually yield an approved product. Whether that path repeats for VBNB depends on how regulators assess the staking addition specifically. Grayscale's amended BNB ETF application, filed in parallel with VanEck's, is a comparable proposal to watch as the SEC weighs how staking fits into spot crypto funds.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.