VanEck, a global investment firm managing nearly $115 billion in assets, has filed to establish a Binance Coin (BNB) ETF in Delaware.
First Binance Coin ETF in the U.S.
VanEck is the first firm to file for a Binance Coin ETF in the U.S. The registration of the "VanEck BNB ETF" was completed on March 31 under filing number 10148820. This is a crucial step before submitting a formal ETF application to the U.S. Securities and Exchange Commission (SEC). If approved, the ETF will track the price of Binance Coin, the fifth largest cryptocurrency by market capitalization.
Developments in Cryptocurrency ETFs
Overall, VanEck has initiated the ETF registration process for five cryptocurrencies, including Bitcoin, Ethereum, Solana, and Avalanche. Last year, the firm successfully launched spot Bitcoin and Ethereum ETFs, demonstrating its active role in this field. In June 2024, VanEck also became the first firm to file for a Solana ETF in the U.S. and recently filed for an Avalanche ETF.
Prospects for Altcoin ETFs
As interest in altcoin investment products grows, there is an increasing demand for ETFs based on these assets. Bloomberg analysts estimate that Litecoin ETFs have a 90% chance of approval, while XRP and Solana have lower probabilities. VanEck's continued push into the altcoin ETF space highlights the growing appetite for diverse investment vehicles in the cryptocurrency market.
VanEck's filing for a Binance Coin ETF underscores the rising interest in altcoin investments. If approved, this would represent a significant step towards integrating Binance Coin into mainstream financial markets.
