Investment firm VanEck, managing nearly $115 billion in assets, has filed to establish a Binance Coin ETF in Delaware. This represents the first attempt of this nature in the US.
Details of the Filing
According to public records, VanEck registered the "VanEck BNB ETF" on March 31 under filing number 10148820. This trust registration is a crucial preparatory step before submitting a formal ETF application to the US Securities and Exchange Commission (SEC). If approved, the ETF will track the price of Binance Coin, the fifth-largest cryptocurrency by market capitalization.
Expanding ETF Opportunities
The filing places Binance Coin alongside Bitcoin, Ethereum, Solana, and Avalanche as the fifth cryptocurrency for which VanEck has initiated a standalone ETF registration. The firm successfully launched spot Bitcoin and Ethereum ETFs last year following SEC approval. VanEck is actively expanding its crypto investment offerings, including its recent filings for Solana and Avalanche ETFs.
The Altcoin Market and Its ETFs
As interest grows in investment products based on altcoins, demands for ETFs on these digital assets are increasing. Bloomberg analysts estimate that Litecoin ETFs have a 90% chance of approval, while XRP and Solana face lower probabilities. Furthermore, if the BNB ETF gains approval, it could signify a significant step towards integrating Binance Coin into mainstream financial markets.
VanEck's filing for a Binance Coin ETF could serve as a test case for broader acceptance of altcoin ETFs, should it be approved.
