VanEck, a prominent investment management firm, has taken a major step toward launching the first-ever U.S.-based Binance Coin (BNB) exchange-traded fund (ETF). The company recently registered the VanEck BNB Trust in Delaware, a preparatory move before filing a formal application with the U.S. Securities and Exchange Commission (SEC). If approved, this ETF would provide investors with regulated exposure to BNB, the native cryptocurrency of Binance’s blockchain ecosystem.

Expanding Crypto ETF Offerings

VanEck’s registration of the BNB ETF marks its fifth digital asset-focused ETF initiative, following previous filings for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) ETFs. The firm has been a pioneer in crypto ETFs since 2017, when it filed for the first Bitcoin futures ETF. It later launched spot ETFs for Bitcoin and Ethereum in 2024, solidifying its reputation as a leader in bringing digital assets to traditional financial markets.

The proposed BNB ETF would track the price of Binance Coin, currently the fifth-largest cryptocurrency by market capitalization. At the time of filing, BNB was trading at approximately $608. By offering an ETF product tied to BNB, VanEck aims to attract institutional and retail investors looking for regulated access to altcoins without directly holding or managing cryptocurrencies.

Why BNB?

Binance Coin is integral to the Binance ecosystem, which includes one of the world’s largest cryptocurrency exchanges and a thriving blockchain network. BNB is used for transaction fees, staking, and other utilities within the Binance Smart Chain ecosystem. Its role as a multi-purpose token makes it an attractive asset for investors seeking exposure to blockchain infrastructure.

While similar products like the 21Shares Binance BNB ETP exist in Europe, no equivalent ETF has been introduced in the U.S. The approval of VanEck’s BNB ETF would not only legitimize BNB as a mainstream financial asset but also pave the way for other altcoin-based ETFs in American markets.

Market Implications

The registration comes amid growing institutional interest in cryptocurrency ETFs. Analysts believe that if approved, this ETF could significantly boost liquidity and adoption for BNB while expanding investment opportunities within traditional financial systems. The SEC’s decision on VanEck’s filing is expected later this year and will be closely watched as a potential indicator of regulatory openness toward altcoin ETFs.

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