VanEck has submitted a filing to create an exchange-traded fund (ETF) for Binance Coin in Delaware, representing the first such product in the US.
First Binance Coin ETF in the US
VanEck, a global investment firm managing nearly $115 billion in assets, has filed to establish a trust for a Binance Coin (BNB) exchange-traded fund (ETF) in Delaware. This move marks the first attempt to launch a BNB-focused ETF in the United States. Similar BNB-related investment products already exist in other markets, but no US-based BNB ETF has been introduced so far.
According to public records, VanEck registered the 'VanEck BNB ETF' on March 31 under filing number 10148820. The trust registration is a crucial preparatory step before submitting a formal ETF application to the US Securities and Exchange Commission (SEC). If approved, the BNB ETF will track the price of Binance Coin, the fifth-largest cryptocurrency by market capitalization.
Expansion of Crypto ETF Offerings
The filing places BNB alongside Bitcoin, Ethereum, Solana, and Avalanche as the fifth cryptocurrency to have a standalone ETF registration initiated by VanEck in Delaware. The firm successfully launched spot Bitcoin and Ethereum ETFs last year following SEC approval.
VanEck has been actively expanding its crypto investment offerings. In June 2024, it became the first firm to file for a Solana ETF in the US, and has also recently filed for the first AVAX ETF.
Growing Interest in Altcoin ETFs
As asset managers explore ETFs beyond Bitcoin and Ethereum, the demand for altcoin investment products is rising. The SEC approved spot Bitcoin ETFs in January and recently cleared Ethereum-based ETFs, which has sparked industry interest in other digital assets.
Bloomberg ETF analysts estimate that Litecoin ETFs have a 90% chance of approval, while XRP and Solana face lower probabilities. Avalanche, with its growing adoption in financial applications, could have strong potential for regulatory approval.
VanEck's continued push into the altcoin ETF space underscores the increasing appetite for diversified crypto investment vehicles.
VanEck's filing for the BNB ETF could serve as a significant test case for broader acceptance of altcoin ETFs in the market. If the BNB ETF gains approval, it may facilitate the integration of Binance Coin into mainstream financial markets.
